Hindustan Petroleum Corporation Limited (HPCL) Implements Blockchain Technology
Hindustan Petroleum Corporation Limited (HPCL), a major state-owned oil company in India, has announced that it will be utilizing blockchain technology to enhance its purchase order systems and prevent forgery within the process.
Partnership with Zupple Labs
HPCL has partnered with Zupple Labs, an Indian Web3 start-up, to implement this cutting-edge technology. Through this collaboration, Zupple Labs will assist HPCL in issuing tamper-proof digital purchase orders to its vendors using LegitDoc, a platform that will be instantly verifiable on the NEAR blockchain.
Curbing Forgery and Trade Finance Facilitation
The company stated that the main objective of this initiative is to prevent forgery of purchase orders, while also facilitating easier access to trade finance for vendors through collateralization, proof of turnover, and participation in public procurement. The facility is expected to be accessible to the public and vendors by October this year.
It is noteworthy that over the last 5 years, HPCL has awarded purchase orders valued at $52 billion, nearly Rs 4 lakh crores. This makes these purchase orders high-value credentials of economic significance. However, the lack of automated purchase order verification for third-party requests outside of HPCL has been a significant challenge, leading to extensive manual processes for external verification requests.
Enhanced Transparency and Efficiency
With the implementation of LegitDoc, historically fraud-susceptible purchase orders can now be issued to appropriate stakeholders, allowing for instant and seamless verification with a simple click. This move towards a more transparent and efficient purchase order system represents a significant leap forward for HPCL and the oil and gas industry as a whole, promoting digital automation and fostering trust within the industry.
Neil Martis Commends the Initiative
Neil Martis, the founder of Legit Doc, expressed his excitement at seeing an esteemed oil conglomerate like HPCL utilizing their technology to secure billions of dollars’ worth of purchase orders. He sees this as a testament to the trust that businesses and governments have in their blockchain platform for protecting important documents.
Past Initiatives and Adoption
This is not the government’s first foray into harnessing blockchain technology to streamline processes. LegitDoc was previously adopted by the administration of Gadchiroli, Maharashtra, to issue 65,000 tribal caste certificates in 2022. The technology was also utilized to issue COVID-19 vaccine certificates in 2021 and over 1,00,000 degree certificates in 2022 in the state of Maharashtra.
I have been a full-time professional writer for over 10 years, and have written for some of the biggest publications in the world. My work revolves around cryptocurrencies and blockchain technology, and I am widely considered to be one of the leading experts in these fields.I have written two books on the subject matter, and my articles have been featured in major news outlets such as The Wall Street Journal, Forbes, and Huffington Post. In addition to writing, I also give talks and seminars on cryptocurrency investing, and am a regular commentator on CNBC, Bloomberg, and other financial news networks.
