Hindustan Petroleum, a prominent name in India’s oil and gas sector, is poised to transform its purchase order verification procedures by embracing cutting-edge blockchain technology. Collaborating with Zupple Labs, a blockchain software firm, HPCL, a government-owned oil refining giant, is integrating a blockchain powered digital credentialing system into its purchase order processing.
This innovative solution, named LegitDoc, leverages Zupple Labs’ verification technology to streamline HPCL’s purchase order issuance. It eliminates the need for manual verification of purchase order requests, making the process more efficient and secure. Notably, it also offers third-party verifiers the capability to automatically verify the authenticity of purchase orders directly through the HPCL website.
A spokesperson from HPCL explained, “The implementation helps to automate the verification of HPCL POs to external parties. This works by integrating the blockchain system with HPCL’s internal e-PO and generates tamper-evident verifiable POs. These POs will be dispatched to vendors, which in turn can be shared with third parties. Any third-party verifier can directly verify these POs on the HPCL vendor portal verification application.”
The collaboration between HPCL and Zupple Labs has been in progress for the past six months. According to the HPCL representative, the blockchain-based purchase order system has been successfully built and is set to be officially introduced to vendors within the upcoming month.
What’s noteworthy is that HPCL has implemented this blockchain-powered system on both private and public blockchains. According to Neil Martis, co-founder and business lead at Zupple Labs, the purchase order verification system utilizes “two parallel blockchains” as settlement layers. These include the public Near blockchain and the private Hyperledger Fabric blockchain, with the latter being a strategic component of HPCL’s Business Continuity and Disaster Recovery strategy. As of mid-October 2023, HPCL had already issued 3,000 purchase orders through this innovative blockchain-based facility.
