India’s Hindustan Petroleum to Launch Blockchain System for Purchase Order Verification
Hindustan Petroleum (HPCL), one of India’s largest oil and gas companies, is partnering with blockchain software firm Zupple Labs to launch a blockchain system for automated verification of purchase orders (POs). The system, called LegitDoc, will integrate Zupple Labs’ blockchain-based digital credentialing technology into HPCL’s purchase order system.
Automated Verification of POs
The integration of LegitDoc enables HPCL to issue digital POs to vendors without the need for manual verification. Third-party verifiers can directly verify the validity of the POs on the HPCL website. This automation streamlines the verification process and improves efficiency.
Implementation and Benefits
HPCL has been collaborating with Zupple Labs on the blockchain project for the past six months. The company has successfully built the blockchain PO system, which will be made available to vendors within this month. The spokesperson for HPCL stated that the blockchain-based PO system has been implemented on private and public blockchains.
Two Parallel Blockchains
The PO verification system utilizes two parallel blockchains as settlement layers. The public Near blockchain and the private Hyperledger Fabric blockchain are used for different purposes. The private blockchain is part of HPCL’s Business Continuity and Disaster Recovery strategy.
Hot Take: Streamlining Purchase Order Verification with Blockchain
Hindustan Petroleum’s partnership with Zupple Labs to launch a blockchain system for purchase order verification showcases the potential benefits of integrating blockchain technology in supply chain processes. By automating the verification of purchase orders, HPCL can enhance efficiency, reduce manual errors, and provide a tamper-evident record of POs. The use of two parallel blockchains adds an extra layer of security and flexibility to the system. As more companies explore blockchain solutions for supply chain management, we can expect increased transparency and streamlined processes in the future.
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