ABN AMRO : Smart contracting in the energy, real estate and shipping sectors

Last week, nine major players in the energy supply trading chain announced that they have joined forces to build a shared 'smart' blockchain platform. With completion projected for late 2018, the platform will help to accelerate and improve administrative procedures for energy trading processes. Development of the blockchain platform will be handled by an independent company that is financed through participations by all the parties involved.

This platform is an example of how ABN AMRO is working with its clients to improve the effectiveness of information exchanges and create new financing options. The bank is already working on similar initiatives in the real estate sector and the shipping sector.

In her blog today, Sanne Lamerigts from the ABN AMRO Innovation Centre describes how the legal profession and the world of technology are coming together to develop 'smart contracts'. Blockchain technology is an excellent tool for developing smart contracts. In simple terms, blockchain resembles a 'digital ledger'. Watch this short clip to find out how it works.

ABN AMRO has a special fund for investing in promising tech companies. Last week, this digital impact fund invested in the company that will develop the blockchain platform for the energy sector. Earlier, in 2016, the fund invested in Digital Assets Holding, a US company that develops blockchain technology.

Director Hugo Bongers of the Digital Impact Fund explains, 'Blockchain technology is highly relevant and holds a great deal of promise for the financial sector. This is particularly true of the idea of 'smart contract' applications, which is why we're making concrete investments here. The most recent development is our strategic investment in the blockchain platform for the energy supply chain.'