ING part of blockchain-based Forcefield

ING joins blockchain-based platform Forcefield to make post-trade commodity transaction processing cheaper, safer, and more efficient.

ING has teamed up with top physical commodity companies and financial institutions in launching Forcefield, a blockchain-based inventory management system that makes post-trade commodity transaction processing cheaper, safer, and more efficient.

Supported by technology giant Accenture, Forcefield manages commodities throughout their entire supply chain life cycle. It counts on blockchain, Internet of Things sensors and near-field communication chips to reduce the risks and costs of handling physical inventory. Using traceability as a sustainable sourcing tool, Forcefield helps the supply chain monitor provenance and attestations throughout the product life cycle.

“Forcefield has been designed by market experts to address common industry pain points,” 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 as it incorporates input from consortium members and users.”

Forcefield is open source and will initially focus on refined metals.