News
OQ Successfully Fulfills Second Blockchain Transaction Involving International Banks
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, The Kingdom of Thailand.
The first blockchain transaction was completed in November 2019.
In comparison to the first operation, the subsequent transaction entailed more complexity with sea freight and required collaboration among various parties, including two financial banks from Asia.
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.
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