Dutch Bank ABN AMRO To Launch Blockchain Platform For Trade Inventories
Dutch bank ABN AMRO is planning to launch a blockchain platform that can provide real-time insight into trade inventories.
Dubbed Forcefield, the platform is an inventory management system that will implement blockchain, Internet of Things (IoT) sensors, and near-field communication (NFC) for post-trade processing. The platform’s objectives include securing title to goods, efficiency and risk reduction of handling physical inventory.
Forcefield has been funded and developed for the past 12 months as a stand-alone product moving through the successful proof of concept phase with Accenture as the technology provider. Following several cycles of development, Forcefield formed as an independent company to finalize the platform deployment and operate as a market utility. The system will initially focus on refined metals but functionality will be expanded across other dry bulk commodities.
“We are very happy to be among the companies behind Forcefield. This will strengthen the entire commodity trading supply chain,” said Karin Kersten, Managing Director of Trade & Commodity Finance. “Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.”
In addition to ABN Amro and Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Mercuria and OCBC Bank are among the companies that have so far signed up to the Memorandum of Understanding (MOU) to launch Forcefield.
“We have seen in other sectors of the commodity industry the power of market participants applying innovative technology to solve for unnecessary friction costs and inefficiencies,” said Marco Dunand, co-founder and CEO of Mercuria. “Forcefield’s focus on securing inventory should promote industry growth to the benefit of all in the supply chain while also allowing a platform for senior industry players to drive forward the important environmental, social, and governance agenda.”
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