In a significant digital leap, India’s state-owned oil titan, Hindustan Petroleum (HPCL), has unveiled a new blockchain infrastructure to facilitate automated purchase order (PO) confirmations. Collaborating with blockchain specialist Zupple Labs, HPCL aims to modernize its PO system using Zupple’s LegitDoc technology.
The standout feature of this partnership is the LegitDoc verification tool. With it, HPCL can release digital POs to its vendors, eliminating the manual verification steps previously necessary. What’s more, this novel system enables third-party entities to easily and instantly validate POs through HPCL’s online platform.
An HPCL representative clarified how this integration operates. After aligning the blockchain with HPCL’s e-PO system, it produces verifiable, tamper-proof POs. These can then be dispatched to vendors and subsequently verified by third parties on HPCL’s vendor portal.
This collaboration between HPCL and Zupple Labs has spanned half a year, culminating in the successful establishment of the blockchain-backed PO system. Vendors can expect to access this feature soon, as its official rollout is set for this month. Notably, HPCL has employed this blockchain system on both private and public networks.
Neil Martis, Zupple Labs’ co-founder, provided deeper technical insight, revealing the use of “two parallel blockchains” for settlements – the public Near blockchain and the private Hyperledger Fabric blockchain. The latter is particularly crucial for HPCL’s contingency planning. As a testament to its efficiency, the system has already processed 3,000 POs as of mid-October 2023.
Source: https://cointelegraph.com/news/hindustan-petroleum-near-hyperledger-blockchain
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