Accenture, ING, ABN Amro to launch Forcefield blockchain consortium

Wednesday 22 May 2019 14:06 CET | News

Accenture, ABN Amro, Anglo American, ING Bank, and more have launched Forcefield, a metals post-trade blockchain consortium.

The Forcefield project is an inventory management system that will implement blockchain, Internet of Things (IoT) sensors, and near-field communication (NFC) for post-trade processing. Accenture is the technology partner.

CMST International, Hartree Partners are also part of the consortium. The companies mentioned are the ones that have so far signed a Memorandum of Understanding with more participants pending. The London Metals Exchange (LME) is not on the list and was rumored to be one of the founding members. The consortium says that it is open to all market participants.

ABN Amro, ING and Mercuria are also members of oil blockchain solution VAKT and the komgo commodities trade finance platform. ING is also a member of numerous other blockchain initiatives.

Forcefield’s aims include securing title to goods, efficiency and risk reduction of handling physical inventory. Sustainable sourcing is the motivation of other blockchain solutions and is one of the consortium’s goals.

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Keywords: Accenture, ING, ABN AMRO, Anglo American, ING Bank, Mercuria, OCBC Bank, blockchain consortium, Forcefeld, Near-Field Communication, internet of things, VAKT
Countries: World