Bahrain and Saudi Arabia: First Blockchain Transaction Completed
Bahrain and Saudi Arabia have announced they have completed the first Blockchain transaction. It involved the financing of an international trade transaction between the Saudi British Bank and HSBC. The transaction related to shipping standardised aluminum billets from Aluminum Bahrain B.S.C. (Alba) to Saudi Arabia’s Altaiseer Aluminum Corporation (TALCO). TALCO issued a Letter of Credit (LC) on a blockchain-based platform using R3’s Corda system. The system enables information to be traced and tracked as it moves between parties. As it keeps all stakeholders in the loop, it reduces the need for reconciliation and speeds up transactions, while providing visibility on progress for all of the relevant parties.