State-run refiner Hindustan Petroleum Corporation Ltd (HPCL), one of India’s largest oil and gas companies, is rolling out a blockchain system to enable automated verification of purchase orders (POs).
HPCL has partnered with blockchain software company Zupple Labs to integrate its blockchain-based digital authentication technology into the purchase order system, the two companies said in a joint statement.
Zupple Labs’ verification technology, called LegitDoc, enables HPCL to issue digital POs to its suppliers without having to manually verify PO requests. From a third-party verifier’s perspective, the project provides a tool to directly verify PO validity on the HPCL website in an automated manner.
“This implementation helps automatically authenticate HPCL POs to external parties,” a spokesperson for HPCL told Cointelegraph. “This is achieved by integrating the blockchain system with HPCL’s internal e-PO and creates a tamper-proof Verifiable PO,” the representative noted, adding:
“These purchase orders will be sent to the suppliers, who in turn can share them with third parties. Any third-party verifier can verify these POs directly on the HPCL Supplier Portal Verification App.”
An HPCL spokesperson said that the company has been collaborating with Zupple Labs on blockchain projects for the past six months. “HPCL has successfully completed the construction of a blockchain PO system and the facility will be officially opened to suppliers within this month,” the representative said.
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The spokesperson said that HPCL has implemented a blockchain-based PO system on both private and public blockchains.
Neil Martis, co-founder and business leader of Zupple Labs, said that the PO verification system implements “two parallel blockchains” used as the settlement layer, including the public Near blockchain and the private Hyperledger Fabric blockchain. The latter is part of HPCL’s business continuity and disaster recovery strategy, Martis noted. According to Zupple Labs, HPCL has issued 3,000 POs through the facility as of mid-October 2023.
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