ABN AMRO introduces “Forcefield,” a new blockchain platform that provides real-time insight into trading stocks in the commodities sector. The bank reports this in a press release published on 17 May.
Forcefield must become an open platform that is accessible to everyone and ABN AMRO hopes that market parties will work with it on a massive scale. The platform will first focus on refined metals, but the plan is to expand it to other solid bulk goods.
Accenture is the supplier of the blockchain technology behind the platform. In addition to Accenture, parties such as Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have also signed a letter of intent.
In the press release, ABN AMRO describes the platform as follows:
The platform can communicate with physical trading stocks via the Internet of Things, sensors and chips that enable wireless communication over short distances (“near field communication” or NFC).
Stocks, which often act as collateral for loans, can therefore be effectively monitored. And that in turn ensures a safer physical handling process and lower costs.
Karin Kersten, Managing Director Trade & Commodity Finance of ABN AMRO, says she is happy with the development of Forcefield:
ABN AMRO is a global player in commodities financing and we are happy to have participated in Forcefield. The platform must strengthen the entire trade chain. The parties involved can benefit from effective control, greater efficiency, transparency and traceability.
ABN AMRO recently announced that it has stopped the development of its bitcoin (BTC) wallet, Wallie. The bank said that the cryptocurrency market still involves too many risks.