A consortium of commodities companies and financial institutions is planning to launch an inventory management system focused on the use of blockchain and other digital methods to manage the post-trade processing of transactions for metal commodities.
The system, known as Forcefield, will be supported by technology from Accenture and has backing via a memorandum of understanding from ABN Amro, Anglo American, CMST International, Hartree Partners, ING Bank, Mercuria and OCBC Bank.The focus will initially be on refined metals, but it will be expanded across other dry bulk commodities, Forcefield said.The digital platform will also use Internet of Things (IoT) sensors and near-field communication (NFC) chips, and will manage commodities throughout the entire supply chain life-cycle.According to the consortium, Forcefield will enhance the security of...