Who are the leading innovators in blockchain for retail transaction data?

by Arthur · April 4, 2023

The retail industry continues to be a hotbed of innovation, with activity driven by security and technology, and the growing importance of technologies such as blockchain, smart contracts and the cloud. In the past three years alone, there have been over 133,000 patents filed and granted in the retail industry, according to GlobalData’s Cybersecurity in Retail: Transaction data blockchain report.

However, not all innovations are equal, nor do they follow a constantly upward trend. Instead, their development takes the form of an S-shaped curve that reflects their typical life cycle from early emergence to accelerating adoption, before finally stabilizing and reaching maturity.

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

70+ innovations will shape retail

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

Within shows up the innovation stage, smart contracts and blockchain for transactional data are disruptive technologies that are in the early stages of application and should be closely watched. Biometric authentication, biometric payments and blockchain payments are some of these accelerating innovation areas, where adoption has been steadily increasing. Among matures areas of innovation are user biometric authentication and e-commerce robot process automation, which are now well established in the industry.

Innovation S-curve for cyber security in retail

Transaction data blockchain is a key area of innovation in cyber security

Blockchain provides increased security by offering strong encryption, reducing vulnerabilities and effectively verifying the ownership of data. The distributed ledger is the main advantage. In a blockchain, transaction data is stored across every network node, limiting the chances of data being compromised, stolen or tampered with.

GlobalData’s analysis also uncovers the companies at the forefront of each area of innovation and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 10+ companies, spanning technology providers, established retail companies and up-and-coming startups, that are engaged in the development and application of blockchain for transactional data.

Key Players in Blockchain for Transaction Data – A Disruptive Innovation in Retail

“Application diversity” measures the number of different applications identified for each relevant patent, dividing companies into either “niche” or “diversified” innovators.

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

Patent volumes related to blockchain for transactional data

Source: GlobalData Patent Analytics

Leading players in the transaction data blockchain for cybersecurity space in terms of patents are SoftBank Group, nChain, Overstock.com, Rokfin and eBay. In January 2023, nChain announced its partnership with W2, a company that provides regulatory compliance services to the gambling industry, and Crucial Compliance, which specializes in player protection, to provide blockchain-powered compliance solutions. The partnership aims to help operators deal with current regulatory challenges and future-proof their compliance processes and tools.

Leading players in the transaction data blockchain for cybersecurity space in terms of application diversity are Ali Group, Security Matters, eBay and Walmart.

Leading players in the area in terms of geographical reach are nChain, Security Matters, Overstock.com and SoftBank Group.

Using digital signatures and encryption, a blockchain system can protect devices such as smart doorbells, connected thermostats and security cameras.

To further understand the key themes and technologies disrupting retail, access GlobalData’s latest thematic research report on Cybersecurity in Retail.