One of the largest oil and gas companies in Oman – Oman Oil, Orpic Group and the HSBC bank conducted the first transaction in the country using a payment system based on blockchain technology – the Corda R3 platform. Corda is a platform that uses dedicated nodes to verify and conduct transactions between two users. The transaction took place within the framework of financing based on blockchain technology, with the help of which polypropylene was sold to the Abu Dhabi National Carpet Factory.
Using blockchain technology allowed to make transaction within 24 hours instead of 5-10 days, which significantly accelerated and facilitated the process. Today, blockchain technologies are strategically advantageous option for improving and accelerating transactions for financial institutions.
For example, a London-based digital securities exchange- Archax, announced that it will use blockchain technology to manage after-sales activities. The CEO of Archax also emphasized that many intermediaries are involved in the current post-trading processes in traditional financial markets, which makes them extremely inefficient. Using blockchain technology will make markets more efficient and convenient.