The Netherlands-based banking giant ABN AMRO has announced its launching a blockchain inventory tracking platform called Forcefield. The system will use near-field communication (NFC) chips and sensor to keep track of their inventory. ABN AMRO is launching the platform in cooperation with companies like Accenture, ING Bank, Mercuria, OCBC Bank, and CMST International.
Forcefield can lead to more secure physical handling processes, and it reduces costs in the management of commodities. Involved parties benefit from ‘more effective controls, greater efficiency, transparency and traceability’.
Initially the system will be used on refined metals. Forcefield wants to expand its business towards dry bulk commodities as well. The platform is open to collaborate with all market participants in order to drive mass adoption.
Development on Forcefield started early last year. It started as a stand-alone product, but ABN AMRO decided to make it an independent company after a successful trial with consulting firm Accenture.
Yesterday ABN AMRO also announced it would ditch its own crypto wallet Wallie. The bank thinks cryptocurrencies are not a steady investment for its clients.
Also published on Medium.