Dutch bank ABN AMRO proclaimed that it's launching a blockchain inventory tracking platform dubbed Forcefield in an exceeding announcement published on May 17.

Per the announcement, the platform is an internet of Things solution that enables the monitoring of physical trade inventories with sensors and near-field communication chips.

Forcefield was developed over the past year as a stand-alone product and have become an independent company following a successful proof-of-concept that was conducted with consulting company Accenture.

The bank claims that the system will result in safer physical handling processes and a reduction of prices within the management of commodities that are used as collateral for loans.

ABN AMRO managing director of Trade and Commodity Finance Karin Kersten stated that the platform can strengthen the commodity trading supply chain:

“Parties concerned can benefit from more practical controls, greater potency, transparency, and traceability.”

Lastly, the announcement notes that — besides ABN AMRO — Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank have signed a memorandum of Understanding to launch Forcefield.

As Top Market Group reported earlier these days, ABN AMRO abandoned its plans to launch a custodial bitcoin (BTC) wallet dubbed “Wallie” due to risk issues. an ABN AMRO press officer same that the bank “concluded that cryptocurrencies due to their unregulated nature are at the instant too risky assets for our clients to invest in.”

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