The Oman Oil and Orpic Group and HSBC Bank Oman have successfully executed the first blockchain pilot trade finance transaction in Oman on its 49th National Day at the Group’s main office in Muscat. The blockchain transaction involved the issuance of a fully digitised letter of credit (LC) created on a distributed ledger platform, with HSBC Oman as the advising bank and Oman Oil and Orpic Group as the beneficiary of the LC. The transaction involved the shipment of polypropylene, a thermoplastic polymer used in a wide variety of applications.
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