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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 free up printed on Might 17.

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

Forcefield used to be evolved over the last 12 months as a stand-alone product and changed into an unbiased corporate following a a success proof-of-concept that used to be performed 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 stated that the platform will fortify the commodity buying and selling provide chain:

“Events concerned will have the benefit of simpler controls, larger potency, transparency and traceability.”

Finally, the announcement notes that — but even so ABN AMRO — Accenture, Anglo American, CMST World, 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 as of late, ABN AMRO deserted its plans to release a custodial bitcoin (BTC) pockets dubbed “Wallie” as a result of chance considerations. An ABN AMRO press officer stated that the financial institution “concluded that cryptocurrencies as a result of their unregulated nature are at the present time too dangerous belongings for our purchasers to put money into.”

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