ABN AMRO Unveils ‘Forcefield’, a Blockchain Inventory Tracking Platform
Dutch bank ABN AMRO is investigating the alternatives for launching Forcefield together with financial entities and leading competitors in the commodity sector. This is a blockchain based that can offer real-time understanding into inventories of trade.
The platform is, according to the announcement, an Internet of Things solution that enables the surveillance of physical trade stockpiles with sensors and ear-field interactive chips. This means that using the Internet of Things, Sensors and Near Field Communication chips, the platform can interact with physical trade stockpiles.
As a consequence, stockpiles, which are quite often credit collateral, can be quite efficiently tracked, resulting in more safe physical processing procedures and cost decrease.
Forcefield has been financed and created as a stand-alone offering for the past one year, advancing through the proof of concept level with Accenture as the technology vendor. After several phases of advancement, Forcefield established itself as an autonomous business to finalize the implementation of the platform and function as a business product.
Initially, the model will concentrate on refined metals, but later on will widen its coverage with other dry bulk goods. To promote mass acceptance, Forcefield will be accessible and inclusive to all industry members. ABN AMRO Trade and Commodity Finance Managing Director Karin Kersten said the platform would reinforce the supply chain for commodity trading:
“ABN AMRO is a global player in commodities financing. We are very happy to be among the companies behind Forcefield. This will strengthen the entire commodity trading supply chain. Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.”
Finally, the announcement states that Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have inked a Memorandum of Understanding to introduce Forcefield, in addition to ABN AMRO.
Specifically, due to security issues, ABN AMRO has deserted its idea to launch a Bitcoin (BTC) custodial wallet named “Wallie.” An ABN AMRO media spokesman said the company “found that cryptocurrencies are currently too dangerous assets for our customers to invest in because of their unregulated nature.”