Indian state refiner HPCL to use blockchain to verify purchase orders
India's state-run refiner Hindustan Petroleum (HPCL), one of India's largest oil and gas companies, is deploying a blockchain system to automate the verification of purchase orders (POs).
HPCL has partnered with blockchain software company Zupple Labs to integrate blockchain-based digital authentication technology into the purchase order system, the companies said in a joint announcement.
Zoople Labs' authentication technology, called LegalDoc, enables HPCL to issue digital POs to its suppliers without manually verifying PO requests. From a third party verifier perspective, the project will provide a facility to automatically verify the authenticity of POs directly on the HPCL website.
An HPCL spokesperson told Cointelegraph, “The application will help automate the verification of HPCL POs to third parties.” This will work by integrating the blockchain system with HPCL's internal e-PO and create transparent, verified POS, the spokesperson said:
“These POs are sent to suppliers, which in turn can be shared with third parties. Any third party verifier can directly verify these POs on the HPCL supplier portal verification application.
According to the spokesperson of HPCL, the company has been collaborating with Zupple Labs on the blockchain project for the past six months. “HPCL has successfully completed the construction of the blockchain PO system, and the same facility will be released to suppliers this month,” the representative said.
RELATED: Argentinian Oil Company to Start Mining Crypto with Gas Power Surplus
The spokesperson said that HPCL has implemented a blockchain-based PoO system on both private and public blockchains.
According to Zupple Labs co-founder and business leader Neil Martis, Po's authentication system implements “two parallel blockchains” that serve as settlement layers. Martis explained that the latter is part of HPCL's business continuity and disaster recovery strategy. According to Zupple Labs, HPCL will have 3,000 PoS at the facility from mid-October 2023. He has given.
Magazine: The Truth Behind Cuba's Bitcoin Revolution: An On-the-Ground Report
