Muscat, OQ announced that it has successfully completed the second financial transaction leveraging a blockchain technology platform.
This is the second blockchain transaction of OQ and it was processed during the 4th financial quarter of 2020, enabling a shipment of OQ’s polypropylene from Oman to Bangkok, kingdom of Thailand.
Back in November 2019, the first blockchain transaction was completed. In comparison to the first operation, this subsequent transaction entailed more complexity with sea freight and required collaboration among various parties, including two financial banks from Asia.
The blockchain technology significantly expedites the trading process, allowing transactions to be processed faster, easier and in a more secure manner.
The blockchain Letter of Credit (L/C) mirrors the traditional process with all participants using a single digital platform to complete the transaction, allowing end-to-end traceability to the L/C cycle, which can be accessed 24/7.
Source: Oman News Agency