HashCash to build blockchain-powered prototype for business demand forecasting - The EE

HashCash to build blockchain-powered prototype for business demand forecasting

Palo Alto, United States. 02 September, 2022 – Global blockchain development company HashCash Consultants made an announcement acknowledging their foray into business forecasting solutions. The US-based company put forward a blockchain model proposition that utilises decentralised data for precise demand forecasting, combining crypto’s underlying platform with AI and ML technology.

Forecasting is an essential component of management across all domains. Be it business strategies, election predictions, or sports analysis – accurate analytical models are possible only with information from multiple data access points. External businesses within a supply chain may use different methods for data handling.

Data wrangling from these multiple sources is an uphill task susceptible to discrepancies, which adversely impedes efficiency. There are also security concerns, especially with firms handling sensitive high-priority client information. Trust and validation are vital, which is where blockchain comes into the picture.

HashCash CEO and blockchain pioneer Raj Chowdhury states, “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.”

The challenge in assimilating data across multiple categories such as inventory, manufacturing, and others is well-documented, especially in organisations that use different ERP and CRM systems for each process. Blockchain offers transaction visibility across the entire permissioned network while ensuring data integrity with immutability. Data once entered into the blockchain cannot be altered or tampered with. The scheduled prototype will be geared toward the corporate sector and will be initially available to a limited 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,” mention Chowdhury, who had earlier highlighted the importance of blockchain analytics for sustaining crypto growth, and its role in sustainable energy management.

HashCash has been listed as the top blockchain development company delivering products and services in more than 26 nations. The firm recently offered supply chain traceability solutions to a US pharma major. HashCash has contributed to the growing crypto landscape through white label crypto exchange solutions in Singapore and Vietnam and plans to venture into metaverse development by 2023.

The global fascination with blockchain is justified considering its ability to integrate into any system infrastructure improving overall efficiency. Enterprises may leverage blockchain for optimising their business processes, and utilise the distributed ledger technology for informed decision-making.

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