Tech
HPCL uses Blockchain technology to automate the purchase order process
Indian oil company Hindustan Petroleum Corporation Limited (HPCL) has incorporated blockchain technology into its operations to improve the efficiency of purchase order systems and prevent fraudulent activities in the process.
PSU has partnered with Zupple Labs, an Indian Web3 start-up, to assist HPCL (Hindustan Petroleum Corporation Limited) in issuing tamper-proof digital purchase orders to its suppliers using LegitDoc, which can be instantly verifiable on the NEAR blockchain .
In an announcement, HPCL said the goal of this partnership is to reduce purchase order falsification and facilitate trade financing for suppliers through collateralization, proof of turnover and involvement in government procurement. By October the structure will be accessible to private individuals and sellers.
Purchase orders that were previously vulnerable to fraud can now be sent to the right parties through the use of LegitDoc, allowing participants to quickly and easily authenticate with just one click.
This transition to a more effective and transparent purchase order system represents a big step forward for HPCL and the oil and gas sector at large, encouraging digital automation and promoting industry trust.
Legit Doc founder Neil Martis explained, “It’s exciting to see an oil conglomerate like HPCL use our LegitDoc technology to secure billions of dollars’ worth of purchase orders.”
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