Blockchain-based solution for Demand Forecasting in Supply chain

Abstract

Demand forecasting is one of the most important activity for any business, marketing and sales. It is used to forecast the demand of the product based on the historical data to make supply chain decisions effectively. The mutability of historical data results in forecasting errors. Blockchain helps in providing immutable data storage. The data stored over blockchain will be authentic and can be used as trusted source of information. Blockchain-based demand forecasting will help in reducing time in making accurate decisions in the supply chain. This paper finally aims to overview numerous blockchain-based demand forecasting solutions to maximize the efficiency of the supply chain. In order to give a practical exhibition and explanation of how blockchain demand forecasting solutions improve the supply chain, a Proof of Concept (PoC) for a food supply chain scenario is presented.