ABN AMRO, a Dutch Bank, has announced that it will be launching ‘Forcefield’, an inventory tracking platform based on the Blockchain. This announcement was made through a press release published on the 17th of May.
Financial Institutions And Commodities Industry Players Sign Up For The Launch
This news comes in the wake of the bank dropping its Crypto wallet product exploration. The Bank has now said that it is currently holding discussions with financial institutions, as well as companies within the commodities industry, in its exploration of ways in which the platform will be released in the market. Forcefield has been developed through Blockchain to provide real time view into trade inventories.
According to the press release, some of the firms that have already signed an MOU (memorandum of understanding) to collaborate in the launch include Mercuria, CMST International, Accenture, ING Bank, Anglo American, Macquarie, OCBC Bank and Hartree Partners.
The Dutch Bank has explained that the new platform will be able to connect and receive information on trade inventory by using the IOT (internet of things), NFC (near field communication chips) and sensors. Through this the monitoring of inventories will not only be more effective, there will be reduced costs of the handling process as a whole with the process being more secure.
ABN AMRO Refutes Crypto Wallet Claims
ABN AMRO has stated that the new product has been built as a stand-alone and has already gone through a proof of concept phase which was successful. Accenture was in charge of the technology during this phase. Having been developed as a stand-alone, the Bank has stated that the product will now be established as an independent company with its main focus being to function as a market utility. On this front, the product will initially be focused on refined metals with plans to expand to other commodities in the near future.
ABN AMRO’s trade and commodity finance managing director Karin Kersten has said that the commodity trading supply chain as a whole will be strengthened through this platform. She also added that through Forcefield, all the institutions and companies involved will be able to enjoy greater efficiency, traceability and controls that are more effective.
ABN AMRO told The Next Web that it will be halting its plans to develop a Crypto wallet, dubbed the ‘Wallie’. According to the bank, which is Netherland’s third largest bank, the concept was being stopped because of the lack of ‘sufficient regulation’ of Crypto assets which makes them a risky investment for its clients. Contrary to the claims that it was developing a Crypto wallet, the bank was in fact seeking feedback on what a Crypto wallet should look like and what functions it should be able to perform from its clients.
The Crypto Wallet Dream That Never Was
This is the second time that the Dutch Bank is denying rumours that it is developing a Crypto wallet. There had been claims in 2016 that the bank was experimenting with a Bitcoin wallet which was later shelved.