HSBC, SABB Use Blockchain For Trade In Bahrain, Saudi
Friday, 11 22 2019, Category: Technology, Country: Saudi Arabia
For the first time, the blockchain technology is being used in Bahrain and Saudi Arabia. This technology is being used by HSBC and The Saudi British Bank – SABB to finance international trade.
This latest move has placed the two states at the forefront of international trade. In addition to that, it has also introduced new levels of transparency, security, and efficiency for the corporates in search of new markets.
There are two main companies that were involved in the transactions; Altaiseer Aluminium Corporation – Talco of Saudi Arabia and Alba – Aluminium Bahrain. The latter shipped homogenized aluminium billets to Talco. Talco then issued a Letter of Credit on a blockchain-based platform through the use of the R3’s Corda System.