New industry-wide consortium to launch IoT-driven commodity trade finance platform

A group of global commodity firms and banks will soon launch Forcefield, a commodity trade and finance platform powered by blockchain and internet of things (IoT) technology. Accenture, ABN Amro, Anglo American, CMST International, Hartree Partners, ING, Mercuria and OCBC Bank are among the shareholders of a new independent legal entity created to finalise the platform deployment and operate as a market utility. In short, Forcefield is a digital platform for managing and tracing commodities throughout the entire supply chain lifecycle. It utilises blockchain technology and smart IoT sensors to enhance security of title and reduce both risks and costs of handling physical inventory. It is also designed to facilitate the financing of the commodities.