Home Crypto News HPCL implements blockchain technology to rationalize purchase order processes

HPCL implements blockchain technology to rationalize purchase order processes

by Michael Stark

## Hindustan Petroleum Corporation Limited (HPCL) Makes Strides in Digitalization with Blockchain Technology

### HPCL Partners with Zupple Labs to Adopt Blockchain Technology

Hindustan Petroleum Corporation Limited (HPCL), a leading state-owned oil company in India, has taken a significant step towards digitalization by adopting blockchain technology to streamline its purchase order systems and prevent forgery in the process. The corporation has partnered with Zupple Labs, an Indian Web3 start-up, to facilitate this technological transformation.

Under the partnership, Zupple Labs will assist HPCL in issuing tamper-proof digital purchase orders to its vendors through LegitDoc, a platform that ensures instant verifiability on the NEAR blockchain. This initiative is aimed at tackling the issue of forgery in purchase orders, while also making it easier for vendors to access trade finance through collateralization, proof of turnover, and participation in public procurement. The facility is set to be made available to the public and vendors by October.

### Addressing the Challenge of Automation in Purchase Order Verification

HPCL highlighted the challenges it faced in implementing digital automation due to the lack of automated purchase order verification capabilities for third-party requests outside of the organization. This resulted in significant manual labor for processing external verification requests. Over the last five years, HPCL has awarded purchase orders worth $52 billion, nearly Rs 4 lakh crores, making these purchase orders high-value credentials of economic importance. However, the absence of a robust digital automation system hindered the seamless verification of purchase orders.

### Securing High-Value Purchase Orders with LegitDoc

The implementation of LegitDoc now enables historically fraud-susceptible purchase orders to be issued to appropriate stakeholders, allowing participants to instantly and seamlessly verify the legitimacy of the orders with a simple click. This move towards a more transparent and efficient purchase order system is a significant leap for HPCL and the oil and gas industry as a whole, promoting digital automation and fostering trust within the industry.

### Neil Martis on HPCL’s Adoption of LegitDoc

Neil Martis, founder of LegitDoc, expressed his excitement about HPCL using their technology to secure billions of dollars’ worth of purchase orders. According to Martis, this adoption serves as a testament to the confidence that businesses and governments have placed in the LegitDoc blockchain platform in protecting important documents.

### Government’s Previous Use of Blockchain Technology

This is not the first instance of the government adopting blockchain technology to streamline its processes. LegitDoc has previously been used by the administration of Gadchiroli, Maharashtra, to issue 65,000 tribal caste certificates in 2022. The technology has also been utilized to issue COVID-19 vaccine certificates and over 100,000 degree certificates in the state of Maharashtra. These initiatives demonstrate the growing acceptance and adoption of blockchain technology for enhancing security and efficiency in various administrative processes.

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