Blockchain News

ABN AMRO Plans to Launch ‘Forcefield’ Blockchain Inventory Platform; Cancels Bitcoin Wallet Project

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Leading Bank of Dutch ABN AMRO has made its ways towards emerging technology Blockchain, earlier it had decided to develop its own Bitcoin wallet and looks like they canceled the project and now thinking of another project powered by blockchain. Despite of abandoning its previous plan on a crypto project, it has not given up totally on blockchain technology and continues experimenting with it.

ABN AMRO- plans to launch the Forcefield project, a decentralized blockchain inventory tracking platform in cooperation with ING Bank and Accenture, the Dutch Bank revealed the new.

The bank announced at its press release on Friday, mentioning that it is considering various options to release the blockchain inventory platform to market and simultaneously interacting with companies.

The project codenamed is Forcefield; the blockchain project will make use of the Internet of Things (IoT) devices to offer a real-time look within trade inventories. The monitoring features of the blockchain platform will allow for safer physical handling of processes and cuts the costs.

Accenture the tech giant firm and ING Bank already signed a memorandum of understanding (MoU), there are other companies who have signed the MoU to connect to Forcefield namely, CMST International, Anglo American, OCBC Bank, Macquarie, Hartree Partners, and Mercuria.

The Dutch Bank briefed: The blockchain platform can interact with physical trade inventories by using the Internet of Things, Near Field Communication chips, and sensors. This will lead to monitoring the loan inventories productively, further enabling for ‘more secure physical handling processes and a reduction of costs.’

While, in January 2019, ABN AMRO decided to create its own digital currency wallet, named as Wallie, but according to Hard Fork the bank, as of now, has abandoned this Wallie project because they believe cryptocurrency is still unsafe.

Press officer of ABN AMRO, Jarco de Swart informed source regarding its Wallie project that

“We have approached all the people who have shown interest. We have concluded that cryptocurrencies because of their unregulated nature are at the moment too risky assets [sic] for our clients to invest in.”

Trade and commodity Finance managing director of ABN AMRO, Karin Kresten mentioned that the platform powered by blockchain would enhance the overall commodity trading supply chain. Parties participated will profit from advance controls, transparency, greater efficiency, and traceability.

Forcefield was earlier built as a stand-alone product, and due to its progressive proof-of-concept, it became an independent firm. The proof-of-concept was held with Accenture- a consulting company.

ABM AMRO – the banking institution is for the second time decline the speculation of crypto wallet product.  As per reports in 2016, the banking institution had researched the bitcoin wallet plan for over the years, but the project was suspended.

ING and ABN AMRO are the only banking institutions that are trying to involve in promoting blockchain. Popular banks such as HSBC and Barclays have invested around $50 million into a blockchain powered digital cash system project and hopeful of launching by 2020.

On the other side, Netherland’s third-largest bank is apparently thinking to launch a wallet based on cryptocurrency.

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