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However, not all innovations are equal or follow a constant upward trend. Instead, its evolution takes the form of an S-shaped curve that reflects its typical life cycle from early emergence to accelerated adoption, before finally stabilizing and reaching maturity.
Identifying where a particular innovation is on this journey, especially those that are in the emerging and acceleration stages, is essential to understanding their current level of adoption and the likely future trajectory and impact they will have.
More than 30 innovations will shape the banking industry
According to GlobalData's Technology Foresights, which maps the S-curve for the banking industry using innovation intensity models based on more than 165,000 patents, there are more than 30 areas of innovation that will shape the future of the industry.
Within emergent The innovation stage, distributed ledger transactions, is a disruptive technology that is in the early stages of application and should be closely followed. Voice-based authentication, geofenced transactions, and built-in secure elements are some of the throttle areas of innovation, where adoption has steadily increased.
Innovation S curve for cybersecurity in the banking industry
Cryptocurrency transactions is a key area of โโcybersecurity innovation
Cryptocurrency transactions refer to the transfer of digital assets or currencies using a decentralized blockchain network. Transactions occur directly between the sender and receiver without the need for intermediaries such as banks or financial institutions. They are verified and processed through the blockchain network, which guarantees the transparency, security and immutability of transactions.
GlobalData's analysis also uncovers companies that are at the forefront of each area of โโinnovation and assesses the potential scope and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 470 companies, spanning technology providers, established banking companies, and promising startups engaged in the development and application of cryptocurrency transactions.
Key players in cryptocurrency transactions: a disruptive innovation in the banking industry
'Application diversity' measures the number of applications identified for each patent. Broadly, it divides companies into โnicheโ or โdiversifiedโ innovators.
The "geographical scope" refers to the number of countries in which each patent is registered. It reflects the breadth of intended geographic application, from โglobalโ to โlocal.โ
Patent volumes related to cryptocurrency transactions
Source: GlobalData Patent Analysis
Among companies innovating technologies associated with cryptocurrency transactions, Advanced New Technologies is one of the leading patent applicants. The company has filed patents related to blockchain data protection based on a generic account model and homomorphic encryption, signature verification for a blockchain ledger, and methods and apparatus for data authorization, transaction processing, reconciliation, and maintenance. of blockchain-based records. IBM, MasterCardand nChain, are some of the other key patent applicants in cryptocurrency transactions.
In terms of application diversity, Mythical Venture took the first position, while Labyrinth Research and Nasdaq They occupied second and third position, respectively. By geographic reach, Eluvio leads the pack, followed by Civic Technologies and Labyrinth Research.
To better understand the key themes and technologies disrupting the banking industry, access GlobalData's latest thematic research report on Cybersecurity in Banking.
Global datathe industry's leading intelligence provider, provided the underlying data, research and analysis used to produce this article.
GlobalData Patent analysis keeps track of patent applications 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.
