HPCL Collaborates with Zupple Labs to Automate Purchase Order Verification via Blockchain
Summary:
Hindustan Petroleum (HPCL), India's state-run oil and gas company, is set to harness blockchain technology to automate purchase order verifications. The company has teamed up with Zupple Labs to integrate its digital credentialing technology, LegitDoc, into the existing purchase order system, allowing for automatic and tamper-resistant digital purchase orders. This initiative eliminates the need for manual verification processes and allows third parties to directly authenticate the purchase orders via the HPCL vendor portal verification app. The blockchain system has been implemented on both private and public platforms.
Hindustan Petroleum (HPCL), a major state-owned refiner in India, is set to integrate a blockchain technology to automate the authentication process of purchase orders (POs). HPCL has collaborated with blockchain solution provider, Zupple Labs, to implement its digital credentialing tech, LegitDoc, into its PO system, as per the joint statement by both companies. Using LegitDoc, HPCL can issue digital POs to its suppliers, eliminating the necessity of manual verification. On the verifier end, this will allow for direct and automated validation of POs on the HPCL portal.
An HPCL representative explained to Cointelegraph how the system will automatically verify HPCL's POs to external parties. The explained process involves the integration of the new blockchain system with HPCL’s existing electronic PO system, producing verifiable and tamper-resistant digital POs. These digital POs will be sent to suppliers and can be checked by any third party via the HPCL vendor portal verification app.
As per the HPCL representative, the company has been working on this blockchain initiative with Zupple Labs for the past half year. "HPCL has successfully built the blockchain PO system and will officially make it available to the suppliers within this month," they added.
It was also disclosed that HPCL has employed the blockchain-enabled PO system on both private and public blockchains. Neil Martis, co-founder and business lead at Zupple Labs, stated that the PO verification system required implementing "two parallel blockchains" for settlement layers, including the public Near blockchain and the private Hyperledger Fabric blockchain. Martis mentioned that the latter was used for HPCL's Business Continuity and Disaster Recovery strategy. Zupple Labs disclosed that as of mid-October 2023, HPCL had issued 3,000 POs through this system. The blockchain project is viewed as a major milestone for the Indian national oil company's technological advancement.
Published At
10/19/2023 9:02:54 AM
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