LONDON, May 17, 2019 /PRNewswire/ — A collection of top physical commodities firms and financial institutions, supported by technology giant Accenture, today announced plans to explore launching Forcefield, a pioneering inventory management system focused on implementing blockchain, Internet of Things (IoT) sensors, and near-field communication (NFC) chips to securely and efficiently manage the post-trade processing of commodity transactions. Accenture, ABN Amro, Anglo American, CMST International, Hartree Partners, ING Bank, Mercuria and OCBC Bank, are amongst those that have so far signed up to the Memorandum of Understanding (MOU). “Forcefield has been designed by market experts to address common industry pain points in a targeted manner,” said Mark Bradley, who has been co-ordinating Forcefield on behalf of the consortium members. “The full supply chain is represented in the product design by incorporating input from existing, and pipeline, consortium members and users.” Forcefield is an innovative digital platform which manages commodities throughout the entire supply chain life-cycle. The system enhances the security of title and the efficiency of related processes to reduce both risks and costs of handling physical inventory. Forcefield uses traceability as a sustainable sourcing tool to help the supply chain monitor provenance and attestations throughout the product life-cycle. Forcefield is a global tool reflective of… continue reading
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Source: CTRM Center