HPCL implements blockchain technology to improve purchase order systems
HPCL Adapts Blockchain Technology for Purchase Order System
Hindustan Petroleum Corporation Limited (HPCL), a major state-owned oil company in India, has recently announced its adoption of blockchain technology to revolutionize its purchase order systems and to combat forgery in the process.
Partnership with Zupple Labs
The company has collaborated with Zupple Labs, an Indian Web3 start-up, to implement this blockchain-based solution. Through this partnership, Zupple Labs will assist HPCL in issuing tamper-proof digital purchase orders to its vendors via LegitDoc, a platform that will allow instant verification on the NEAR blockchain.
Curbing Forgery and Increasing Accessibility
HPCL has highlighted the significance of this initiative in preventing forgery of purchase orders, as well as in enhancing accessibility for vendors seeking trade finance. The adoption of blockchain technology will facilitate collateralization, proof of turnover, and participation in public procurement for the vendors. The system is set to be available to the public and vendors in October.
Historical Purchase Order Value
Over the past five years, HPCL has awarded purchase orders worth a substantial $52 billion, roughly Rs 4 lakh crores, underscoring the economic significance of these documents. However, the lack of automated purchase order verification for third party requests outside of HPCL had previously posed a challenge, necessitating manual processing for external verification requests.
Benefits of LegitDoc Implementation
With the integration of LegitDoc, historically susceptible purchase orders can now be issued to the relevant stakeholders, enabling instant and seamless verification with a simple click. This transition towards a more transparent and efficient purchase order system marks a significant advancement for HPCL and the wider oil and gas industry, promoting digital automation and fostering trust within the industry.
Recognition and Previous Implementations
Neil Martis, the founder of LegitDoc, expressed excitement at the use of their technology by HPCL, emphasizing the confidence that businesses and governments have placed in their blockchain platform. This new venture aligns with previous successes, such as the adoption of LegitDoc by the administration of Gadchiroli, Maharashtra, to issue 65,000 tribal caste certificates in 2022, as well as its use for issuing COVID-19 vaccine certificates and over 1,00,000-degree certificates in Maharashtra.
This move reflects HPCL’s commitment to technological innovation and transparency in its operations, setting a precedent for other industry players to follow suit in leveraging blockchain for enhanced efficiency and security.
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