EPAM Invested in the Development of the Blockchain-Based Anti-Counterfeit Platform

EPAM Invested in the Development of the Anti-Counterfeit Platform

EPAM Systems invests in SigmaLedger to Drive Innovation and Accelerate Adoption of Blockchain in Supply Chain, Digital Direct Marketing and Anti-Counterfeit Domains.

The investment amount is not disclosed. The funds will be directed to the market launch of the platform and its further development for the needs of customers. Investing allows EPAM to strengthen the expertise in building digital eco-systems for customers and preserve the spirit of start-up culture within the company.

A team of Kharkiv IT specialists will work on the project. The team will be an addition to the already functioning the Blockchain competence center in EPAM.

SigmaLedger is an innovative blockchain-based platform. It allows suppliers, manufacturers and distributors to store and manage data without central authority, eliminating the possibility of fraud.

According to the Global Brand Counterfeiting Report 2018, the value of counterfeited goods in 2017 amounted to $1.2 trillion. The most counterfeited products are footwear, leather goods and tech gadgets, and the rise in the sale of counterfeit pharmaceuticals can create health and safety hazards.

SigmaLedger provides a common platform for members of a supply chain including manufacturers, distributors, warehouses, retailers, government agencies, certification laboratories and consumers, can manage their products, register transactions, trace packages through the supply chain as well as prove authenticity of items.

Traditionally, members of a supply chain are reluctant to use a common centralized system because of the lack of trust in the operators of such systems. The use of blockchain smart contracts for governance removes the risks of malicious system operators and significantly improves data privacy. Blockchain-based ledgers move complete data control into the hands of data owners, minimizes the risk of data-tampering and enables coordination between members of a supply chain without the risks of sharing business sensitive data.

To learn more about how the platform works please follow the link: https://www.youtube.com/watch?v=s4IXSJsxW0k

EPAM acquired Continuum Innovation, a global innovation design consultancy, at the beginning of 2018.