Oman Oil and Orpic Group and HSBC Bank Oman SAOG (HSBC Oman) have successfully executed the first blockchain trade finance transaction in Oman, according to Zawya.
The transaction involved the shipment of polypropylene, a thermoplastic polymer used in a wide variety of applications.
This transaction proves the commercial and operational viability of blockchain, as users can complete the transaction in 24 hours compared to the usual 5-10 days.
According to Chief Financial Officer (CFO) of Oman Oil and Orpic Group, Nazar Al Lawati, “As an integrated Group, we are proud to be among the first in the region taking serious steps in digitizing trade finance through exploring blockchain technology and responding to the 4th industrial revolution. This would not have been possible without the commitment of our team, our customer’s cooperation, and the support we received from the Central Bank of Oman and HSBC Oman.”