The Omani Oil Group “Orpic” and Oman’s HSBC Bank announced last Wednesday the implementation of the first commercial transaction based on blockchain technology in the country.

The statement said that the deal involves a shipment of “polypropylene” – a thermoplastic material used in various applications – to the Abu Dhabi National Carpet Factory in the United Arab Emirates.

HSBC Bank of Oman praised the digital adoption of the blockchain and praised R3’s Corda platform and system based on the blockchain, Oman Oil Orpic Group has also benefited from this process.

The statement said R3’s Corda system uses blockchain to track information that moves between stakeholders, keeping them in sync, reducing the need for compromise, providing visibility into progress, and speeding up transactions.

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The deal aims to demonstrate the applicability of blockchain in commercial and operational fields as an alternative to traditional paper-based document exchange.

The statement added that the blockchain brings all stakeholders together on a single platform, allowing the transaction to be completed within 24 hours compared to the current period of five to 10 days.

Andrew Long, CEO of HSBC Bank in Oman, said:

The completion of the first blockchain trade finance transaction is another milestone in our journey to Oman as it opens new horizons in driving digital technologies forward in the Omani financial sector.

Nizar Al Lawati, Chief Financial Officer of Oman Petroleum and Orpic Group, said:

We are proud to be one of the first companies in the region to take serious steps in digitizing trade finance by exploring blockchain technology.

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