Dutch Bank ABN AMRO Launches Blockchain Inventory Tracking Platform Forcefield

Dutch financial institution ABN AMRO introduced that it’s launching a blockchain stock monitoring platform dubbed Forcefield in a press unlock revealed on Might 17.

In step with the announcement, the platform is an Web of Issues answer that permits the tracking of bodily industry inventories with sensors and near-field verbal exchange chips.

Forcefield used to be advanced over the last yr as a stand-alone product and was an impartial corporate following a a success proof-of-concept that used to be carried out with consulting company Accenture.

The financial institution claims that the device may end up in extra protected bodily dealing with processes and a discount of prices within the control of commodities which might be used as collateral for loans.

ABN AMRO Managing Director of Industry and Commodity Finance Karin Kersten mentioned that the platform will fortify the commodity buying and selling provide chain:

“Events concerned will get pleasure from simpler controls, higher potency, transparency and traceability.”

Finally, the announcement notes that — but even so ABN AMRO — Accenture, Anglo American, CMST Global, Hartree Companions, ING Financial institution, Macquarie, Mercuria and OCBC Financial institution have signed a Memorandum of Figuring out to release Forcefield.

As Cointelegraph reported previous these days, ABN AMRO deserted its plans to release a custodial bitcoin (BTC) pockets dubbed “Wallie” on account of chance issues. An ABN AMRO press officer mentioned that the financial institution “concluded that cryptocurrencies on account of their unregulated nature are at the present time too dangerous property for our shoppers to put money into.”

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