The banking industry continues to be a hotbed of patent innovation. Activity is driven by digitalization, enhanced security, operational efficiency, ever changing consumer expectations, and growing importance of technologies such as artificial intelligence (AI), Internet of Things (IoT), and cybersecurity. In the last three years alone, there have been over 129,000 patents filed and granted in the banking industry, according to GlobalData’s report on Cybersecurity in banking: cryptocurrency transactions. Buy the report here.

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

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

30+ innovations will shape the banking industry

According to GlobalData’s Technology Foresights, which plots the S-curve for the banking industry using innovation intensity models built on over 165,000 patents, there are 30+ innovation areas that will shape the future of the industry.

Within the emerging innovation stage, distributed ledger transactions, is a disruptive technology that is in the early stages of application and should be tracked closely. Voice-based authentication, geofenced transactions, and embedded secure elements are some of the accelerating innovation areas, where adoption has been steadily increasing.

Innovation S-curve for cybersecurity in the banking industry

Cryptocurrency transactions is a key innovation area in cybersecurity

Cryptocurrency transactions refer to the transfer of digital assets or currencies using a decentralized blockchain network. The transactions occur directly between the sender and receiver without the need for intermediaries like banks or financial institutions. They are verified and processed through the blockchain network, which ensures transparency, security, and immutability of the transactions.

GlobalData’s analysis also uncovers the companies at the forefront of each innovation area and assesses the potential reach and impact of their patenting activity across different applications and geographies. According to GlobalData, there are 470 companies, spanning technology vendors, established banking companies, and up-and-coming start-ups 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. It broadly splits companies into either ‘niche’ or ‘diversified’ innovators.  

‘Geographic reach’ refers to the number of countries each patent is registered in. It reflects the breadth of geographic application intended, ranging from ‘global’ to ‘local’. 

Patent volumes related to cryptocurrency transactions

Company Total patents (2010 - 2022) Premium intelligence on the world's largest companies
Advanced New Technologies 479 Unlock Company Profile
International Business Machines 213 Unlock Company Profile
Mastercard 141 Unlock Company Profile
nChain 129 Unlock Company Profile
Visa 80 Unlock Company Profile
Alibaba Group 79 Unlock Company Profile
State Farm Mutual Automobile Insurance 72 Unlock Company Profile
Bank of America 72 Unlock Company Profile
PayPal 70 Unlock Company Profile
Capital One Financial 65 Unlock Company Profile
Microsoft 59 Unlock Company Profile
The Toronto-Dominion Bank 57 Unlock Company Profile
Inveniam Capital Partners 55 Unlock Company Profile
Coinplug 42 Unlock Company Profile
Ant Group 42 Unlock Company Profile
Ripple Labs 42 Unlock Company Profile
NEC 32 Unlock Company Profile
Eluvio 31 Unlock Company Profile
Accenture 29 Unlock Company Profile 28 Unlock Company Profile
Intel 27 Unlock Company Profile
Civic Technologies 27 Unlock Company Profile
Nokia 24 Unlock Company Profile
Sony Group 24 Unlock Company Profile
Dell Technologies 21 Unlock Company Profile
American Express 21 Unlock Company Profile
Walmart 21 Unlock Company Profile
Royal Bank of Canada 20 Unlock Company Profile
Tencent 19 Unlock Company Profile
Mythical Venture 18 Unlock Company Profile
JPMorgan Chase 18 Unlock Company Profile
FMR 18 Unlock Company Profile
Oracle 18 Unlock Company Profile
Cisco Systems 18 Unlock Company Profile
Labyrinth Research 18 Unlock Company Profile
Winklevoss 18 Unlock Company Profile
R3 18 Unlock Company Profile
Thoma Bravo 18 Unlock Company Profile
Samsung Group 17 Unlock Company Profile
CME Group 17 Unlock Company Profile
Hewlett Packard Enterprise 16 Unlock Company Profile
Fortive 16 Unlock Company Profile
Akamai Technologies 16 Unlock Company Profile
PayRange 15 Unlock Company Profile
AT&T 15 Unlock Company Profile
Salesforce 15 Unlock Company Profile
Baidu 15 Unlock Company Profile
Nasdaq 15 Unlock Company Profile
Digital Asset 15 Unlock Company Profile
TraDove 14 Unlock Company Profile

Source: GlobalData Patent Analytics

Among the companies innovating in technologies associated with cryptocurrency transactions, Advanced New Technologies is one of the leading patent filers. 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 blockchain-based data authorization, transaction processing, reconciliation, and recordkeeping methods and apparatus. IBM, Mastercard, and nChain, are some of the other key patent filers in cryptocurrency transactions.

In terms of application diversity, Mythical Venture held the top position, while Labyrinth Research and Nasdaq stood in second and third positions, respectively. By means of geographic reach, Eluvio leads the pack, followed by Civic Technologies and Labyrinth Research.

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

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

GlobalData’s 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 thematic areas and link them to specific companies across the world’s largest industries.