Indian state-owned refiner Hindustan Petroleum (HPCL), one of India’s largest oil and gas companies, is launching 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 identification technology into the purchase order system, the companies said in a joint announcement.
Zupple Labs’ verification technology, called LegitDoc, enables HPCL to issue digital purchase orders to its suppliers without having to manually verify the purchase order requests. From a third party verifier perspective, the project provides the ability to verify the validity of POs directly on the HPCL website in an automated manner.
“The implementation helps automate the verification of HPCL POs to third parties,” an HPCL spokesperson told Cointelegraph. “This works by integrating the blockchain system with HPCL’s internal e-PO and generates tamper-proof, verifiable POs,” the representative noted, adding:
“These purchase orders are sent to suppliers, which in turn can be shared with third parties. Any third-party verifier can verify these purchase orders directly through the HPCL verification application on the supplier portal.”
According to the HPCL spokesperson, the company has been working with Zupple Labs on the blockchain project for the past six months. “HPCL has successfully completed the construction of the blockchain PO system and the same facility will be made official to the suppliers within this month,” the representative said.
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The spokesperson said that HPCL has implemented the blockchain-based PO system on both private blockchain and public blockchain.
According to Zupple Labs co-founder and business leader Neil Martis, the PO verification system involved the implementation of “two parallel blockchains” used as settlement layers, including the public Near blockchain and the private Hyperledger Fabric blockchain. Martis noted that the latter was used as part of HPCL’s Business Continuity and Disaster Recovery strategy. According to Zupple Labs, HPCL has issued 3,000 purchase orders through the facility by mid-October 2023.
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