ABN AMBRO, a Dutch bank has unveiled its plans to roll out a blockchain inventory platform by teaming up with ING Bank and Accenture. Earlier, the bank had plans to launch its own Bitcoin wallet but now things have changed. The news was first spotted by CoinDesk.
The name of the project for the launch will be known as Forcefield. Under the project, IoT devices will be deployed to deliver real-time information into trade inventories. With the help of IoT, sensors, and near field communication chips, the platform can communicate with physical trade inventories.
According to the company, the platform’s monitoring features will make the physical handing process more secured and cut down costs for the process. Once the project is rolled out, it will focus on refined metals, and in the future, its functionality will be expanded across other dry bulk commodities.
There are few other companies who have MoU to join Forcefield. The companies include OCBC Bank, Mercuria, Anglo American, CMST International, Macquarie, and Hartree Partners.
Coming to the old plan, ABN AMRO intended to introduce Wallie, a cryptocurrency wallet. But according to reports, the bank changed its mind as cryptocurrencies are still “too risky.”
ABN AMBRO said that for the last few years, the new project has been created as a standalone product and witnessed positive results from the testing phase where Accenture handled the technology.