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291119 saudaravAluminum producer Aluminum Bahrain and Altaiseer Aluminum Corporation (TALCO) completed a blockchain transaction with the participation of HSBC and Saudi British Bank.Both companies have confirmed the success of the transaction 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.According to TALCO Corporation, at the end of the transaction a letter of credit was drawn up with a guarantee that the seller would receive the indicated payment amount on time and all the 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.Earlier, the Minister of Energy of the Kingdom of Bahrain, Dr. Abdulhussain Mirza, called blockchain technology “a true indicator of progress” and urged Bahraini companies to take full advantage of it.

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