Skip navigation EPAM

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

“Worldwide spending on blockchain solutions is forecast to be nearly $2.9 billion in 2019, an increase of 88.7% from the $1.5 billion spent in 2018.” –

IDC

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
 

EXPLORE USE CASES

CPG Manufacturing & Retail

•  Direct Digital Marketing
•  Traceability
•  Coupon Fraud Prevention
•  Counterfeit Prevention

 

EXPLORE USE CASES

Insurance

•  Logistics Insurance
•  Claims Management
•  Reinsurance/Billing
•  Travel Insurance

 

EXPLORE USE CASES

Healthcare

•  Federated Provider Data Management
•  Coordination of Benefits
•  Patient Consent Management

 

EXPLORE USE CASES

Life Sciences

•  Drug Traceability
•  Drug Counterfeit Prevention
•  Contract Management
 

EXPLORE USE CASES

Transportation & Logistics

•  Luggage & Cargo Traceability
•  Vehicle Management
•  Global Trade Management
 

EXPLORE USE CASES

Blockchain vs. Bitcoin: Differences Explained

Read the blog to learn the differences and similarities between blockchain and bitcoin.