1.Dutch Bank ABN AMRO to Launch Blockchain Inventory Tracking Platform ‘Forcefield’
2.Austrian Fiber Producer Lenzing to Launch Blockchain-Enabled Tracking
1.Dutch Bank ABN AMRO to Launch Blockchain Inventory Tracking Platform ‘Forcefield’
ABN AMRO, a Dutch bank has reported to plan to launch a blockchain inventory tracking platform named as Forcefield, in a press release published.
According to the Announcement it is investigating various options for releasing the platform in the market and is in talks with firms in the commodities industries and financial institutions.
Starting at now, firms such as Accenture, Anglo American, CMST International, Hartree Partners, ING Bank, Macquarie, Mercuria and OCBC Bank has signed the memorandum of understanding (MoU) to release the platform.
Karin Kersten, Managing Director of Trade & Commodity Finance: Said , “ABN AMRO is a global player in commodities financing. We are very happy to be among the companies behind Forcefield. This will strengthen the entire commodity trading supply chain. Parties involved will benefit from more effective controls, greater efficiency, transparency and traceability.”
Forcefield has been supported and developed for the as long as a year as a independent product moving through the successful proof of concept phase with Accenture as the technology provider. Following several cycles of advancement, Forcefield shaped as an free organization to finalise the platform deployment and operate as a market utility. The system will initially focus on refined metals, but functionality will be expanded across other dry bulk commodities. Forcefield will be open and comprehensive to all market participants in order to drive mass adoption.
2.Austrian Fiber Producer Lenzing to Launch Blockchain-Enabled Tracking
Lenzing Major worldwide Austrian Fiber Producer will implement blockchain tech to bring more transparency to its fiber supply chain, the announcement was published on its official News post.
As indicated by the press release, Lenzing hopes to launch its supply chain traceability platform in 2020, while sooner future, the company will test the technology along with all the included chain participants.
Stefan Doboczky, Chief Executive Officer of the Lenzing Group. Says, “With LENZING™ ECOVERO™ branded fibers Lenzing was the leader in physical traceability and is presently entering the age of digital traceability. This milestone in transparency is a further strong commitment to sustainability”, “Together with TextileGenesis™, we aim to create an unmatched level of transparency for brands and consumers. With this step Lenzing will further help to green up the textile industry.”
Lenzing decided to send distributed ledger technology (DLT) following customer demands for more information about the ingredients and suppliers of its products. By applying blockchain tech, the firm expects to give its customers with more transparency and traceability.
Lenzing is a worldwide leader in wood-based fibers and has $2.7 billion in evaluated yearly income.
Lenzing will complete a few pilot tests over the next few months including partners along the entire value chain. Lenzing anticipates that the platform should be fully operational starting at 2020.
