Oman records Its first blockchain trade finance transaction

Monday 25 November 2019 10:46 CET | News

According to the Oman Observer, Oman Oil and Orpic Group and HSBC Bank have entered into blockchain trade finance deal

These parties have carried out the first blockchain-run trade finance transaction in the history of Oman. The transaction was the sale of polypropylene to Abu Dhabi National Carpet Factory. It was executed by making use of Corda from R3, it is an open-source blockchain system. The Omani branch of HSBC recommended via a totally digitized letter of credit on the platform. On the other hand, Oman Oil and Orpic Group assumed the role of the beneficiary of the letter of credit.

In doing this and making use of blockchain technology, the parties involved were able to complete the transaction in just one day. This is relatively swift as using other conventional means will take up to almost two weeks. Just recently, Archax announced the adoption of Corda to coordinate its post-trade transactions. Archax is a London-based digital securities exchange.

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Keywords: Oman Oil, Orpic Group, HSBC Bank, blockchain trade finance deal, trade finance, distributed ledger technology, DLT, Middle East, Oman, Abu Dhabi, oil industry
Categories: Banking & Fintech
Countries: Oman
This article is part of category

Banking & Fintech