Hindustan Petroleum Corporation Limited (HPCL), a major player in India’s oil and gas sector, is set to transform its procurement process through the integration of blockchain technology. In collaboration with Zupple Labs, a leading blockchain software firm, HPCL is rolling out a revolutionary system for the automated verification of purchase orders (POs).
Partnership with Zupple Labs and Integration with LegitDoc
The strategic collaboration between HPCL and Zupple Labs brings forth a groundbreaking approach to digital credentialing. Zupple Labs’ LegitDoc, a blockchain-based verification technology, is at the heart of this initiative. The partnership further aims to streamline and enhance the efficiency of HPCL’s purchase order system.
Notably, by seamlessly integrating LegitDoc into its purchase order system, HPCL eliminates the need for manual verification of POs. This not only expedites the procurement process but also ensures accuracy and reliability in the issuance of digital POs to vendors.
The implementation of blockchain technology is a game-changer for HPCL. The system generates tamper-evident verifiable POs, assuring both internal and external stakeholders of the document’s integrity. This innovative approach minimizes the risk of errors and fraudulent activities in the procurement chain.
Streamlining External Verification
From a third-party verifier’s perspective, the project offers a seamless and automated process for verifying the validity of POs. This verification can be done directly on the HPCL website, providing external parties with a transparent and trustworthy validation mechanism.
The collaboration between HPCL and Zupple Labs has been in progress for the past six months. During this time, HPCL successfully built and tested the blockchain PO system. The official rollout to vendors is scheduled for this month, marking a significant milestone in procurement digitization.
Dual Blockchain Implementation and Impressive Adoption Numbers
HPCL has not only embraced innovation but has also ensured robustness in its blockchain infrastructure. The blockchain-based PO system operates on both private and public blockchains. This dual implementation includes the public Near blockchain and the private Hyperledger Fabric blockchain, contributing to HPCL’s Business Continuity and Disaster Recovery strategy.
As of mid-October 2023, HPCL has already issued 3,000 POs using the blockchain facility. This rapid adoption underscores the effectiveness and reliability of the new system.
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