HPCL Joins the Blockchain Bandwagon
In an exciting development for the oil and gas industry, Hindustan Petroleum Corporation Limited (HPCL) is stepping into the blockchain spotlight. The company is launching an innovative system that automates the verification of purchase orders (POs), making the process smoother than a finely tuned engine. This leap into technology is not a leap of faith; HPCL has partnered with Zupple Labs, a blockchain software firm, to roll out this cutting-edge solution.
Meet LegitDoc: The Order Verifier
HPCL has embraced Zupple Labs’ verification technology called LegitDoc. Ever wonder how vendors and third-party verifiers will breathe a sigh of relief? This system will automatically issue digital POs to HPCL’s vendors without the notorious manual verification process. Yes, folks, digital efficiency just got a turbo boost!
The Mechanics of The System
So, how does this fascinating system work? When a PO is generated internally, the blockchain tech seamlessly integrates with HPCL’s existing e-PO platform, creating tamper-evident verifiable POs. To put it simply, it’s like putting a lock on your diary that only you can open. Furthermore, any third-party verifier can check these POs directly on HPCL’s vendor portal, ensuring transparency and security. Less time worrying, more time working—sounds good to us!
A Year in the Making
HPCL isn’t diving into this venture hastily. Over the last six months, they’ve been diligently collaborating with Zupple Labs to iron out all the details. According to HPCL, the blockchain PO system has been successfully built, and it’s set to debut for vendors this month. It’s like watching a blockbuster come together—everyone’s waiting for the big premiere!
Blockchain Layers: The Backend Work
On the technical side, HPCL’s new system operates on two parallel blockchains, akin to having a double espresso when you need to be alert. The public Near blockchain serves as one settlement layer while the private Hyperledger Fabric blockchain adds another layer of security and integrates with HPCL’s Business Continuity and Disaster Recovery strategy. Zupple Labs’ co-founder, Neil Martis, confirms that even as of mid-October 2023, HPCL has already issued a whopping 3,000 POs using this new tech! Talk about taking a step forward.
Final Thoughts: The Future Looks Bright
As the world increasingly moves towards digitization, HPCL’s adoption of blockchain technology for POs is a monumental step not just for the company but also for the oil and gas sector. Who would have thought that bustling businesses could increase their efficiency using a digital ledger? This blend of cutting-edge technology and ancient industry will certainly usher in a new era of automated efficiency. The future of procurement has arrived, and it’s looking very high-tech indeed!
