Fabric

Hindustan Petroleum (HPCL), one of India’s major state-run oil and gas companies, is set to streamline its purchase order verification process through the implementation of blockchain technology. In collaboration with blockchain software firm Zupple Labs, HPCL is introducing a blockchain system to facilitate the automated validation of purchase orders. This innovative approach seeks to enhance efficiency and transparency in the procurement process while reducing manual intervention. 
HPCL has joined forces with Zupple Labs, a leading blockchain software company, to incorporate Zupple Labs’ digital credentialing technology, known as LegitDoc, into its purchase order system. This strategic partnership aims to eliminate the need for manual validation of purchase order requests, introducing a more efficient and secure process. 
The implementation of LegitDoc enables HPCL to issue digital purchase orders to its vendors without the need for manual verification. The system allows third-party verifiers to directly assess the validity of purchase orders in an automated manner through the HPCL website. This shift from traditional paper-based processes to blockchain-based digital verification enhances transparency and expedites the procurement workflow. 
HPCL’s adoption of blockchain technology is a significant milestone in streamlining its purchase order management. The blockchain system integrates seamlessly with HPCL’s internal e-PO, generating tamper-evident verifiable purchase orders. These digital purchase orders can be dispatched to vendors, who, in turn, have the capability to share them with third parties. Any third-party verifier can readily validate these purchase orders using the HPCL vendor portal verification application. 
HPCL and Zupple Labs have been actively collaborating on this blockchain project over the past six months. The successful development of the blockchain purchase order system is now ready for official rollout to vendors. The spokesperson for HPCL stated that this facility would become accessible to vendors within the current month. 
<h2 class="wp-block-heading" id="hpcl-s-dual-blockchain-procurement-revolution">HPCL’s Dual-Blockchain procurement revolution</h2> 
HPCL’s blockchain-based purchase order system encompasses both private and public <a href="https://www.cryptopolitan.com/">blockchains</a>, offering an added layer of security and versatility. This dual-blockchain approach is designed to enhance the Business Continuity and Disaster Recovery strategy for HPCL. 
Zupple Labs co-founder and business lead, Neil Martis, revealed that the purchase order verification system utilizes two parallel blockchains for settlement layers. These blockchains include the public Near blockchain and the private Hyperledger Fabric blockchain. This strategic selection of blockchain platforms aims to ensure robust security and reliability in the purchase order verification process. 
HPCL had already issued approximately 3,000 purchase orders using this blockchain-based facility. The successful implementation demonstrates the tangible benefits and efficiency gains that blockchain technology can bring to the procurement operations of large corporations. 
HPCL’s adoption of blockchain technology for automated purchase order verification signifies a significant step forward in modernizing and streamlining procurement processes. This innovative approach not only accelerates the verification process but also enhances transparency and security, reducing the scope for errors and fraud. 
The integration of public and private blockchains adds an extra layer of resilience to the system, aligning with HPCL’s commitment to Business Continuity and Disaster Recovery. With the successful rollout of this blockchain system, HPCL aims to set new standards for efficiency and transparency in the oil and gas industry’s procurement practices.

HPCL sets the bar high in India with blockchain purchase order verification

Table of Contents

Cryptopolitan_News

Other articles published on Oct 19, 2023

NYAG Accuses Gemini and Genesis of Concealing $1.1 Billion in Losses!

Oraichain (ORAI) Price Prediction 2024, 2025, 2030, 2040, and 2050

Revolutionizing AI: Memoria Unleashes Transformers’ Hidden Power

CHPT Stock (NYSE: CHPT) Surged 7%, are ShortSellers Trapped?

🗒 Daily Newsletter | Thursday, October 19, 2023

Robert Kiyosaki: Orang Kaya Simpan Bitcoin, Emas dan Perak, Orang Miskin Simpan Dolar AS

Join our free newsletter for daily crypto updates!