What is Blockchain?

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.

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.” –

Gartner

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%.” –

IDC

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: