Blockchain is a technology for data management that allows digital information (the block) to be stored and distributed in a public database (the chain) that’s validated by a wider community rather than a central authority.
What is Blockchain?
Benefits that Set Blockchain Apart
Legacy systems of record for everything, from payments to supply chain data, lack transparency and rarely deliver on the real-time promise of digital. When applied to certain use cases, blockchain’s benefits are extremely powerful, even revolutionary:
TECHNICAL BENEFITS
- Immutable: Nothing can be changed without consent
- Public: Anyone can use it
- Encrypted: All data is stored securely
- Transparent: All actions are recorded
- Governance: Smart contracts ensure terms are met before transactions occur
BUSINESS BENEFITS
- Increase operational efficiency by storing data on a single distributed ledger
- Save time & money by cutting out middlemen
- Build customer trust through enhanced security & encryption
- Improve traceability in the supply chain
- Unlock new business models through digitization
- Drive customer engagement and loyalty through transparency
Blockchain’s Impact on the Enterprise
Analysts expect blockchain’s distributed ledger technology to make a huge impact on the enterprise in the next decade. Here’s what a couple of them are saying:
“By 2026, the business value added by blockchain will grow to slightly over $360 billion, then surge to more than $3.1 trillion by 2030.” –
Blockchain-Based Transformation: A Gartner Trend Insight Report, refreshed Sep. 20 2019, published Mar. 27 2018
“IDC expects blockchain spending to grow at a robust pace throughout the 2018-2023 forecast period with a five-year compound annual growth rate (CAGR) of 60.2%.” –
New IDC Spending Guide Sees Strong Growth in Blockchain Solutions Leading to $15.9 Billion Market in 2023, published Aug. 8 2019
How Blockchain Impacts Your Industry
Blockchain has thousands of use cases ranging from payments to supply chain traceability. Here are a few of them across multiple verticals that EPAM has researched and validated as having tremendous potential on the blockchain:
Agriculture
• Traceability
• Compliance & Quality Control
• Inventory Management
• Trade Finance
CPG Manufacturing & Retail
• Direct Digital Marketing
• Traceability
• Coupon Fraud Prevention
• Counterfeit Prevention
Insurance
• Logistics Insurance
• Claims Management
• Reinsurance/Billing
• Travel Insurance
Healthcare
• Federated Provider Data Management
• Coordination of Benefits
• Patient Consent Management
Life Sciences
• Drug Traceability
• Drug Counterfeit Prevention
• Contract Management
Transportation & Logistics
• Luggage & Cargo Traceability
• Vehicle Management
• Global Trade Management
Blockchain vs. Bitcoin: Differences Explained
Read the blog to learn the differences and similarities between blockchain and bitcoin.
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