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ABN AMRO Among Firms Exploring Launch Of Digital Blockchain Platform Forcefield

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Dutch bank ABN AMRO is among other top commodity industry players and financial institutions that are exploring options to launch digital blockchain platform Forcefield, which will help track trade inventories in real-time.

The other firms that have until now signed a Memorandum of Understanding (MOU) to launch Forcefield are Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank. Accenture is the technology provider.

The proposed platform will use Internet of Things (IoT), sensors and Near Field Communication chips to communicate with physical trade inventories, which are often collateral for loans.

These inventories, placed as collaterals, can be monitored very effectively, which will lead to more secure physical handling processes and a reduction of costs.

The platform will help strengthen the entire commodity trading supply chain, with parties involved benefiting from more effective controls, greater efficiency, transparency and traceability.

Forcefield was formed as an independent company to finalize the platform deployment and operate as a market utility. For the past one year, the Forcefield platform is being funded and developed as a stand-alone product moving through the successful proof of concept phase with Accenture as the technology provider.

The system will initially focus on refined metals, but functionality will be expanded across other dry bulk commodities. Forcefield will be open and inclusive to all market participants in order to drive mass adoption.

ABN AMRO being a global player in commodities financing, it is also among twelve leading energy companies, commodity traders and banks that are backing the Vakt commodity trade blockchain platform for post-trade processing and management for commodities.

ABN AMRO is also among an investor consortium of fifteen of the world's largest banks, trading companies, an energy major, and an inspection company that set out to develop a decentralized Ethereum blockchain-powered commodity trading platform called "komgo SA in partnership with ConsenSys. It is expected to catalyze the world's commodity trade finance network.

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