The global blockchain development firm, HashCash Consultants made a declaration acknowledging their incursion into business forecasting remedies. The firm has introduced its blockchain technology solutions that use decentralized data for precise demand forecasting in combination with crypto’s underpinned, AI and ML technology.
What is Business Forecasting? How Can Blockchain Help?
One of the essential components of management across industries is ‘forecasting’. Whether it is a business strategy, sports analysis, or election predictions, it is possible to acquire accurate analytical models with information from multiple data access points. External businesses within the supply chain can also use various techniques of data handling.
Data conflict from multiple sources is a difficult assignment vulnerable to discrepancies, that adversely hinder efficiency. Moreover, it also involves security concerns, particularly with businesses handling high-priority and sensitive client data. Since, the task involves trust, security, and verification, what could be better than, blockchain technology?
Blockchain pioneer and CEO of HashCash Consultants, Mr. Raj Chowdhury asserts, “Blockchain is the ideal solution for enterprises seeking an improvement in demand forecasting through comprehensive data integration across their supply chains. Incorporating the technology with advanced analytical tools safeguards proprietary data with optimum privacy.”
Assimilating data from multiple categories such as manufacturing, inventory, and others is a challenging task. However, it is well documented in businesses that use different CRM and ERO systems for every process. Blockchain technology offers transparency to transactions across the entire permitted network members and ensures data integrity due to its immutable nature. Once data is added to the network, it cannot be changed or tampered with. The slated prototype will be geared towards the business and be accessible to a restricted number of prospective clients.
“In this era of excess information, identifying the right ones is crucial for success. The inherent traits of blockchain are key to its versatility in the global marketplace,” concluded Chowdhury. He has previously highlighted the importance of blockchain analytics for the sustainable growth of cryptocurrencies, and its application in sustainable energy management.
The global trend of blockchain applications is justified deeming its potential to integrate into any business infrastructure and improve its overall efficiency. Businesses may leverage blockchain for optimizing their business growth, and utilize the DLT for receptive decision making.