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Blockchain - Its Role in Demand and Supply Planning
Blockchain is an emerging technology based on distributed ledger technology, which is hailed by many as a revolutionary development with positive implications across many industries and business processes. This article explains how blockchain technology works and how it can drive efficiencies in supply chain management and demand planning. Although this technology is still early in its development, it already has many success stories in the food, aerospace and automotive industries. It is already used to drive transparency into companies’ supply chains for better supply planning and, given that blockchain allows for the tracking and capturing of vast amounts of data, it provides a valuable and trusted data source that demand planners can use for better forecasts and insight into consumer behavior.