Dutch bank ABN AMRO is turning its attention to developing a blockchain platform called Forcefield that can provide a real-time view into trade inventory.
“The platform can communicate with physical trade inventories through the Internet of Things, sensors and Near Field Communication chips,” the bank explained.
“As a result, the inventories, which are often collateral for loans, can be monitored very effectively, which will lead to more secure physical handling processes and a reduction of costs.”
The bank also announced that it is in discussions with commodities and financial firms about bringing the platform, called Forcefield, to market.
Among the firms that have already signed a memorandum of understanding with ABN AMRO regrading Forcefield’s launch are Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria, and OCBC Bank.
Strengthening the trading supply chain
ABN AMRO had been developing Forcefield as a standalone product over the last year. Accenture signed on as the technology provider for a successful proof of concept phase.
Forcefield is now being rolled out as an independent company with plans to release the blockchain platform as a market utility, focusing first on refined metals and gradually expanding to accommodate other “dry” bulk commodities.
“ABN AMRO is a global player in commodities financing. We are very happy to be among the companies behind Forcefield,” said Karin Kersten, managing director of trade & commodity finance at ABN AMRO.
“This will strengthen the entire commodity trading supply chain. Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.”
No more Wallie
The announcement of Forcefield comes on the heels of news that the cryptocurrency wallet ABN AMRO was looking into developing is now on the back burner.
The bank’s wallet concept, dubbed Wallie, is reportedly being shelved due to a lack of regulation for crypto assets, making them too risky a proposition for the bank’s investment clients.
ABN AMRO had been soliciting feedback from its clients regarding what functions and appearance they believe a possible crypto wallet should have.