Who are the leading crypto wallet innovators for the retail industry?

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The retail sector continues to be a hotbed of innovation, with activity driven by a myriad of factors, including regulatory reforms and the growing prominence of technologies such as crypto wallets, anonymous transaction management and digital rights management (DRM) tools. In the past three years alone, more than 133,000 patents have been filed and granted in the retail industry, according to GlobalDatas report on Cloud: Crypto wallets.

However, not all innovations are created equal, nor do they follow a constant upward trend. Instead, their evolution takes the form of an S-shaped curve that mirrors their typical life cycle, from early emergence to accelerated adoption, before finally leveling off and reaching maturity.

Identifying where a particular innovation is on this journey, especially those in the emerging and accelerating phases, is critical to understanding their current level of adoption and the likely future trajectory and impact that ‘they will have.

More than 70 innovations will shape the retail industry

According to GlobalDatas Technology Foresights, which plots the S-curve for the retail industry using innovation intensity models based on over 128,000 patents, there are over 70 areas of innovation that will shape the future of the industry.

Biometric authentication, gesture-based user interfaces, and shipping management systems are some of the accelerating areas of innovation, where adoption has steadily increased. Maturing areas of innovation include biometric user authentication and the instant messaging social network, which are now well established in the industry.

S-Curve of Cloud Innovation in Retail

Crypto wallets are a key innovation area in the cloud

A crypto wallet refers to a program, device, physical medium, or service that stores public and/or private keys for cryptocurrency transactions. Additionally, a crypto wallet also offers the functionality of encrypting and/or signing information. Unlike a traditional wallet which holds cash, crypto wallets do not store cryptocurrency. A customer’s digital assets live on the blockchain and can only be accessed with a private key.

GlobalDatas analysis also reveals the companies at the forefront of each area of ​​innovation and assesses the potential reach and impact of their patenting activity in different applications and geographies. According to GlobalData, there are over 100 companies, spanning technology providers, established retail companies, and promising start-ups engaged in the development and application of crypto wallets.

Key players in crypto wallets, a disruptive innovation in the retail industry

Application diversity measures the number of different applications identified for each relevant patent and broadly divides companies into niche or diversified innovators.

Geographic scope refers to the number of different countries in which each relevant patent is registered and reflects the breadth of intended geographic application, ranging from global to local.

The main patent filers in the field of crypto wallets are SoftBank Group, nChain Holdings, Headwater Research, Headwater Partners, Visa and Capital One Financial. Visa has used blockchain technology to create an international digital identity system called Visa B2B Connect. This system tokenizes business data such as bank details and banking details and assigns them a cryptographic key identifier.

In terms of application diversity, Technikka Conexion, Adidas, Cox Enterprises and AT&T are the main players.

In terms of geographic scope, Headwater Partners, Authentify, Early Warning Services and Intertrust Technologies are the major players.

Customers are likely to increasingly turn to crypto wallets for transactions, as crypto wallets offer various advantages such as simplicity and ease of use, transaction and account privacy, convenient wallet management and access to different currencies.

To better understand the key themes and technologies disrupting the retail industry, access GlobalData’s latest topical research report on Cloud Computing in Retail.

GlobalData, the leading industry intelligence provider, provided the underlying data, research and analysis used to produce this article.

GlobalDatas Patent Analytics tracks patent filings and grants from official offices around the world. Textual analysis and official patent classifications are used to group patents into key subject areas and link them to specific companies in the world’s largest industries.

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