US-based software product developer, EPAM Systems, has informed that a world group of specialists is exploring the future potential of blockchain. The company is going to develop a new type of solutions based on this innovative technology.
“We are excited to apply our substantial engineering capabilities to help drive blockchain technology innovation in Fin-tech and other industries. Several global teams have been working to define and implement distributed ledger technology within the financial industry,” Balazs Fejes, Co-Head of Global Business at EPAM, said in a press-release.
“Through our research, we have learned that similar concepts work across multiple industries, from Insurance to Retail. Given the potential disruptive nature of this technology, we are investing our time and resources in designing accelerators that will enable clients to fast-track adoption and time-to-market for their enterprises,” he added.
By using the distributed ledger, underlying the digital currency, EPAM Systems could become the first company to move from distributed computing to distributed applications.
Currently, the group is investigating the possible use cases of the technology, including proof of work, trusted computing, decentralized consensus and smart contracts. Besides, the company is working on the development of solutions for the online gambling industry, which is showing a growing use of bitcoin now.
“This technology may become a differentiating factor for many companies, enabling them to process whatever transactions they are involved in with more privacy, speed and efficiency. We are committed to helping our clients explore the benefits of blockchain to help them stay ahead of the potential disruptions to their respective industries,” Fejes also said.
The blockchain technology has the potential to transform the development of software products in the near future. It can be applied in a wide range of different ways. While realizing all the issues related to implementing the blockchain, companies from all over the world recognize the potential of the technology.
According to Fejes, the use of the distributed ledger could strongly influence financial institutions. “Blockchain has the propensity to transform the cost base of a bank’s back offices, not to mention cases for distributed ledger capabilities and smart contracts that can be embedded into the blockchain,” he said during last year’s Sibos conference.
Michael Jessick, Director of User Experience Design at EPAM, notes that agility is one of the keys to success for those who embark on digital transformation. “Banks (or any organization that can embed agile principles into the culture) that are agile will not only survive—they’ll thrive.”