EPAM, the leading software engineering expert, has created a global team that is supposed to investigate application and implementations of the blockchain technology.

The new team begins its work in view of the disruptive impact the technology can have on various industries in which the clients of EPAM are involved. Distributed ledger systems represent “a paradigm shift”, and it is necessary to bring all the up-to-date solutions to the clients, reads the company’s press release.

Following the example of other important financial market players that have created blockchain research teams, the company is going to study the possibility of applying the distributed ledger mechanisms in such fields as insurance and retail, said Balazs Fejes, Co-Head of Global Business at EPAM.

The company mentions sports betting, online gambling and gaming as other areas it has been focused on for over a decade. Many of the world’s leading gambling companies are EPAM’s clients, and the firm claims to be providing them with cutting-edge distributed ledger solutions, whether by offering to use bitcoin or by giving the opportunity to establish peer-to-peer betting capabilities.

EPAM was founded in 1993 and offers engineering and software solutions to businesses around the world. Building its blockchain team, the company seems to follow the pattern outlined earlier by Fejes in the corporate blog post shortly after the 2015 Sibos conference. The core cultural principle that will help financial organisations survive, now that disruptive blockchain startups are emerging, is agility, claimed the technologist. Being able to embrace innovation is crucial. “Failure is imminent, but those who are willing to fail fast and learn from mistakes will accelerate their rate of innovation,” he said.

Andrew Levich