December 9, 2022

Companies from Saudi Arabia and Bahrain conducted a transaction on the blockchain

Aluminum producer Aluminum Bahrain and Altaiseer Aluminum Corporation (TALCO) completed a blockchain transaction involving HSBC and Saudi British Bank.

Both companies have confirmed the successtransactions and believe that blockchain can bring international trade to a whole new level, ensuring the efficiency, security and transparency of transactions, as well as improving the traditional system of doing business.

As stated by TALCO, at the end of the transactionA letter of credit was drawn up with a guarantee that the seller would receive the indicated payment amount on time, and all information is recorded in the Corda blockchain from R3. Given that all data is stored on one platform, transactions are processed much faster, since there is no need to re-check all credentials and mutual settlements.

Despite the fact that Saudi Arabia heldsuch a transaction for the first time, the country has long been eyeing the blockchain technology and is looking for new opportunities for its application. So, in January, Saudi Arabia together with the UAE planned to launch cryptocurrency for banks, and in April, Saudi British Bank began using the Ripple solution for international transfers.