25/11/19 07:14 UTC-5

In Oman, they funded the supply of polypropylene using blockchain

Oman Oil and Orpic Group and HSBC Oman completed a blockchainBlockchain
is a continuous and sequential block chain of information (digital linked list). When building a blockchain, copies of related blocks are simultaneously stored on multiple computers.Details
trade. The operation involved the sale of a thermoplastic polymer in Abu Dhabi, according to a press release.


The deal in Oman took 24 hours

The transactionTransaction
– is a financial term that means a logically meaningful operation that can only be carried out completely. Details
proves the commercial and operational viability of the blockchain as an alternative to the usual exchange of paper records. For the transaction, they used the Corda R3 system, which uses the blockchain, to monitor the movement of information between participants.

Corda technology ensures the synchronization of stakeholder actions, reducing the need for reconciliation and speeding up transactions, while at the same time providing transparency. Thanks to the use of blockchain, the transaction was completed in 24 hours, and not 5-10 days, as cryptocurrency news reports.  

Andrew Long, HSBC's Chief Executive Officer in Oman, said the deal opens up new options for promoting digital technology in Oman's financial sector.

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See also: "South Korea is investing in blockchain research and development"

#Oman #AbuDhabi #blockchain #CordaR3

Editor: Daria Mukhina