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First blockchain transaction in Oman rings crypto bells

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First blockchain transaction in Oman has been successfully undertaken by the duo consisting of Orpic Group and Oman Oil. They were aided by the HSBC Bank Oman SAOG. The feat has been achieved through the R3’s Corda technology. With this feat, the country has entered the global crypto realm and set an example for further such initiatives in the Middle-Eastern region.

As reported, Oman’s biggest energy industry players namely the Orpic Group and Oman Oil executed the country’s first-ever blockchain-powered transaction. It dealt with polypropylene trade with Abu Dhabi National Carpet Factory. On the technical front, the R3’s Corda was used. Though the deal is not significantly large in the oil and gas industry, it does reflect the industry’s shift towards modern payment methods.

Crypto beckons after first blockchain transaction in Oman

HSBC Oman branch is at the centre of this operation as they created a wholly digital letter of credit using blockchain. The beneficiaries were Oman’s two oil giants. Earlier, such transactions took four to five days. However, this blockchain transaction was completed within twenty-four (24) hours. Such a fast, secure and efficient exchange can truly transform the region’s traditional oil and gas industry.

The Chief Financial Officer (CFO) at Orpic Group and Oman Oil, Nizar al Lawati, commented that such initiatives represent a moment of pride for the companies as they lead on the digital front. The ability to undertake digital blockchain-powered transactions safely will further promote such initiatives in Oman. Blockchain represents a crucial milestone on the road to digitising the monetary arena. Just like artificial intelligence, blockchain will be welcomed with open hands.

The business world now adopting blockchain

Blockchain is fast emerging as the ‘De Facto’ choice of the finance industry in a bid to improve security, efficiency and transparency. Recently, a securities exchange in London, Archax, adopted Corda platform to administer their post-trade functions.

BankDhofar, a bank based in Oman, adopted RippleNet to undertake international payments to India. Oman’s non-resident Indian community can send blazing-fast remittances to India using a mobile banking application.

Image Source: Pixabay

Gurpreet Thind

Gurpreet Thind

Gurpreet Thind is pursuing Masters in Electrical Engineering at University of Ottawa. His scholarly interests include IT, computer languages and cryptocurrencies. With a special interest in blockchain powered architectures, he seeks to explore the societal impact of digital currencies as finance of the future. He is passionate about learning new languages, cultures and social media.

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