Platform is an internet of things (IOT) solution which allows the monitoring of physical trade inventories with sensors and NFC (Near Field Communication) chips.
Netherland’s third largest bank – ABN AMRO recently announced that it has launched a new platform named Forcefield in order to keep track of inventory using blockchain technology. The announcement was made by the bank in official press release dated May 17, 2019. According to details in the statement released by the firm, the platform is an internet of things (IOT) solution which allows the monitoring of physical trade inventories with sensors and NFC (Near Field Communication) chips. The report stated that Forcefield had been development over the course of past year as a standalone product. The platform was then launched as an independent company after a successful proof of concept test conducted with consulting firm Accenture.
The bank claims that this platform is based on system which leads to highly secure physical handling process while also reducing costs relating to management of commodities which are used as collateral for loans. Karin Kersten, Managing Director of Trade and Commodity at ABN AMRO stated that the platform will greatly help strengthen commodity trading supply chain and was quoted saying, “Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability”. Also, the press release statement mentioned that aside from ABN AMRO, several other major companies signed a joint memorandum of understanding to launch Forcefield.
The companies which are part of MOU are Accenture, Anglo American, CMST International, Hartree Partners, Macquarie, Mercuria and OCBC bank. Meanwhile, a report published in news website Cointelegraph earlier today stated that ABN AMRO has abandoned its plans for launching Bitcoin custodial wallet more commonly known in public as “Wallie”. The bank stated the project was abandoned owing to risk related concerns. One of the press representatives of ABN AMRO was quoted stating, “The bank concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets for our clients to invest in”.
Please feel free to let us know what you think in the comments below.