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Oman Oil & Orpic Group, HSBC execute 1st blockchain transaction in Oman

Oman Oil & Orpic Group, HSBC execute 1st blockchain transaction in Oman
Blockchain enables completion of the transaction in a single day
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Mubasher: Oman Oil & Orpic Group and HSBC Bank Oman have successfully executed the first blockchain trade finance transaction in Oman.

The transaction included the shipment of polypropylene and a thermoplastic polymer to Abu Dhabi National Carpet Factory, according to a press release published on Wednesday.

“As the world’s leading bank for trade finance, HSBC actively supports the adoption of technologies such as blockchain to make global trade simpler, faster, and safer,” HSBC Oman’s CEO Andrew Long said.

HSBC Oman advised a fully digitised letter of credit (LC) on a blockchain-based platform using R3’s Corda system. Oman Oil & Orpic Group were the beneficiary of the LC.

The blockchain technology enabled all participants to complete the transaction in a single day, compared to a period ranged from 5 to 10 days by a typical banking transfer system.

“As an integrated Group, we are proud to be among the first in the region taking serious steps in digitising Trade Finance through exploring Blockchain technology and responding to the 4th Industrial Revolution,” CEO of Oman Oil & Orpic Group Nazar Al Lawati commented.