Research and innovation in blockchain in the banks, payment providers, cards programmes and processors sector has declined in the last year.

The most recent figures show that the number of blockchain related patent applications in the industry stood at 24 in the three months ending July – down from 168 over the same period in 2021.

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Figures for patent grants related to blockchain followed a similar pattern to filings – shrinking from 17 in the three months ending July 2021 to 7 in the same period in 2022.

The figures are compiled by GlobalData, who track patent filings and grants from official offices around the world. Using textual analysis, as well as official patent classifications, these patents are grouped into key thematic areas, and linked to key companies across various industries.

Blockchain is one of the key areas tracked by GlobalData. It has been identified as being a key disruptive force facing companies in the coming years, and is one of the areas that companies investing resources in now are expected to reap rewards from.

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The figures also provide an insight into the largest innovators in the sector.

Visa Inc was the top blockchain innovator in the banks, payment providers, cards programmes and processors sector in the latest quarter. The company, which has its headquarters in the United States, filed 5 blockchain related patents in the three months ending July. That was down from 18 over the same period in 2021.

It was followed by the United States based Mastercard Inc with 4 blockchain patent applications, the United States based JPMorgan Chase & Co (4 applications), and the United States based Capital One Financial Corp (3 applications).