HPCL Innovates with Blockchain in Purchase Order Management
India’s state-run refiner, Hindustan Petroleum (HPCL), embarks on a technological revolution by integrating blockchain technology to optimize its purchase order (PO) management system.
Automated Verification for Enhanced Efficiency
In a significant collaboration with Zupple Labs, HPCL brings on board the cutting-edge digital credentialing technology, LegitDoc. This novel introduction facilitates the issuance of digital POs to vendors, automating the verification process and eliminating the need for manual interference.
Facilitating Third-party Verifications
The implementation shines in facilitating third-party verifications. Vendors and external parties can effortlessly validate the authenticity of POs through the HPCL vendor portal, enabling seamless, secure, and efficient verifications and transactions.
Strategic Partnership for Technological Advancement
HPCL and Zupple Labs have devoted the past six months to evolving and refining the blockchain project, ensuring its seamless integration and functionality. It’s a strategic maneuver to streamline operations and enhance productivity in purchase order management.
Dual Blockchain System for Robust Operations
In a remarkable strategy, the initiative involves the utilization of two parallel blockchains – a public Near blockchain and a private Hyperledger Fabric blockchain. This bifurcation acts as settlement layers, each playing a crucial role in HPCL’s Business Continuity and Disaster Recovery strategy.
As a testament to its forward-thinking approach, HPCL has successfully issued 3,000 POs through this system as of mid-October 2023. This accomplishment marks a significant milestone in leveraging technology to enhance operational efficiencies and foster robust vendor relationships.
Conclusion: A Leap Towards Technological Resilience in Operations
The successful integration of blockchain technology by HPCL, in partnership with Zupple Labs, marks a monumental advancement in operational efficiency and vendor management in India’s oil and gas sector. This innovative approach not only streamlines the verification processes of purchase orders but also fortifies the integrity and reliability of transactions. By embracing cutting-edge technologies like blockchain, HPCL exemplifies a vision that aligns with contemporary advancements, ensuring that the company’s operations are resilient, adaptive, and technologically robust. This initiative heralds a new era of technological innovation in the industry, positioning HPCL as a leader in embracing transformative solutions for enhanced operational excellence.