ABN AMRO recently introduced “Forcefield,” its blockchain-powered inventory tracking program. The news was announced via press release on May 17.
According to the press release, ABN AMRO’s Forcefield platform is an Internet-of-Things (IoT) solution that grants the tracking of material trade inventories using near-field communication chips and sensors.
Very Successful Trial Done
Forcefield has been under development since last year. It was initially conceptualized as a stand-alone product but was later established as an independent firm after a highly successful proof-of-concept trial done in conjunction with Accenture.
The Dutch bank asserted that the platform can result in safer physical handling procedures and a cutback on costs in the supervision of commodities utilized as loan collaterals.
Karin Kersten, the bank’s Managing Director of Trade and Commodity Finance, said Forcefield will bolster the product trading supply chain. She added that the involved parties will profit from the improved efficiency, enhanced controls, and greater transparency, and traceability.
Big Players Signing Memorandum of Understanding
The press announcement also revealed that aside from ABN AMRO, companies like Accenture, CMST International, ING Bank, Hartree Partners, Anglo American, Mercuria, Macquarie, and the OCBC Bank have also signed a Memorandum of Understanding to release Forcefield.
It has also been reported that ABN AMRO has foregone its plans to develop a custodial bitcoin wallet due to security concerns. The BTC wallet was already dubbed “Wallie” but a spokesperson from the company admitted that the Amsterdam-based banking giant came to the conclusion that the “unregulated nature” of cryptocurrencies at the moment made it too risky for their clients to invest in the project.