Companies in the newly established Forcefield Commodities Blockchain, aimed to be an inventory management system that will implement blockchain, Internet of Things (IoT) sensors, and near-field communication (NFC) for post-trade processing. Participants include Accenture, ABN Amro, Anglo American, CMST International, Hartree Partners, ING Bank, Mercuria and OCBC Bank and have all signed a Memorandum of Understanding with other participants pending including the London Metals Exchange (LME), which was rumored to be a founding member.
Members ABN AMRO, IMG and Mercuria are members of oil blockchain solution VAKT, which is a post trade platform and according to Lyon Hardgrave VP of VAKT – ““This is not a trading platform, nor a settlement platform – there is no cryptocurrency involved. But it is everything in between: deal recap; confirmation; contract; logistics (the really big element in all this) — and invoicing.” Also sharing members with Komgo, a consortium of 15 banks and commodity traders specifically targeting trade finance for commodities.
Marco Dunand, co-founder and CEO of Mercuria says “Forcefield’s focus on securing inventory should promote industry growth to the benefit of all in the supply chain while also allowing a platform for senior industry players to drive forward the important environmental, social, and governance agenda,”