Question

what could be the impact of blockchain on forecasting ?

Answer 1

Impact of Blockchain on Forecasting

Blockchain Technology is the future.It is revolutionizing the way in which information is stored and shared. It facilitates the creation of a distributed public ledger of transactions that is transparent, secure, self-validating, and cannot be forged. Tampering with the data is impossible as a copy exists with every user or participating nodes.

With diverse applications in numerous industry sectors from maintaining land records, establishing identity, banking industry, making academic credentials universally recognizable and verifiable, real estate, voting, Internet of Things, healthcare and many more, blockchain technology is disrupting the existing practices across various industry verticals.

Creating a good demand forecasting system is a major challenge because it’s so hard to get trusted data. The difficulty is compounded by suboptimal sales forecasting — another symptom of siloed business data.
Good forecasting requires quality analytics, and that’s only possible with access to data from various sources, both internal and external. When every business in your supply chain handles data differently, the discrepancies lead to duplicative, often incorrect data that seriously impedes efficiency. That’s especially true for companies that have built up their ERP and CRM systems piecemeal over the years, using different systems for each.
With so many disparate systems, how can you ensure that the data you receive is trustworthy? There’s no way to know who validated it, nor a means of determining whether the data is consistent up and down the supply chain. Many manufacturers are turning to blockchain to close these gaps and ensure that all data can be trusted. Yet many still face barriers, as implementing an entirely new network across an organization and its supply chain can seem daunting.