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**🚨 Breaking News: 🛢️ Hindustan Petroleum (HPCL) collaborates with web3 firm Zupple Labs to implement a blockchain system for automatic confirmation of purchase orders (POs), streamlining the process and eliminating the need for manual verification. 🌐⛓️ #HPCL #BlockchainInOilIndustry #SupplyChainAutomation
#HPCL adopts blockchain tech to streamline purchase order systems
The PSU has partnered with Zupple Labs, an Indian Web3 start-up. In this partnership, Zupple Labs would help HPCL to issue tamper-proof digital purchase orders to its vendors via LegitDoc, which will be instantly verifiable on the $NEAR blockchain.
Hindustan Petroleum Corporation Limited (HPCL), one of India’s largest state-owned oil companies, has adopted blockchain technology to streamline its purchase order systems and to prevent forgery in the process.
The PSU has partnered with Zupple Labs, an Indian #Web3 start-up. In this partnership, Zupple Labs would help HPCL to issue tamper-proof digital purchase orders to its vendors via LegitDoc, which will be instantly verifiable on the #NEAR blockchain.
#HPCL noted in its announcement that this initiative is aimed at curbing forgery of purchase orders, making it easier for vendors to avail of trade finance via collateralization, proof of turnover, and participation in public procurement.
The facility will be made available to the public and vendors within the month of October 2023.
The PSU has partnered with Zupple Labs, an Indian Web3 start-up. In this partnership, Zupple Labs would help HPCL to issue tamper-proof digital purchase orders to its vendors via LegitDoc, which will be instantly verifiable on the $NEAR blockchain.
Hindustan Petroleum Corporation Limited (HPCL), one of India’s largest state-owned oil companies, has adopted blockchain technology to streamline its purchase order systems and to prevent forgery in the process.
The PSU has partnered with Zupple Labs, an Indian #Web3 start-up. In this partnership, Zupple Labs would help HPCL to issue tamper-proof digital purchase orders to its vendors via LegitDoc, which will be instantly verifiable on the #NEAR blockchain.
#HPCL noted in its announcement that this initiative is aimed at curbing forgery of purchase orders, making it easier for vendors to avail of trade finance via collateralization, proof of turnover, and participation in public procurement.
The facility will be made available to the public and vendors within the month of October 2023.
#Blockchain is used by India's HPCL state refinery to validate purchase orders.
One of the biggest oil and gas firms in #India , Hindustan Petroleum (#HPCL ), a state-run refiner, is introducing a blockchain technology to facilitate automatic purchase order (PO) verification.
HPCL and Zupple Labs have joined forces to incorporate #Zupple Labs' blockchain-based digital credentialing technology, known as LegitDoc, into HPCL's purchase order system. This technology allows HPCL to issue digital purchase orders to its vendors without the need for manual verification. For third-party verifiers, this initiative offers an automated means to directly confirm the legitimacy of purchase orders on the HPCL website.
An HPCL spokesperson explained that this implementation streamlines the verification of HPCL's purchase orders for external parties. It involves integrating blockchain into HPCL's internal electronic purchase order system, resulting in tamper-evident and verifiable purchase orders. These orders are then sent to vendors, who can share them with third parties. Any third-party verifier can use the HPCL vendor portal verification application to confirm the authenticity of these purchase orders.
The HPCL representative revealed that the collaboration with Zupple Labs on this blockchain project has spanned six months, and HPCL has successfully developed the blockchain purchase order system. They anticipate making this system officially available to vendors later this month.
One of the biggest oil and gas firms in #India , Hindustan Petroleum (#HPCL ), a state-run refiner, is introducing a blockchain technology to facilitate automatic purchase order (PO) verification.
HPCL and Zupple Labs have joined forces to incorporate #Zupple Labs' blockchain-based digital credentialing technology, known as LegitDoc, into HPCL's purchase order system. This technology allows HPCL to issue digital purchase orders to its vendors without the need for manual verification. For third-party verifiers, this initiative offers an automated means to directly confirm the legitimacy of purchase orders on the HPCL website.
An HPCL spokesperson explained that this implementation streamlines the verification of HPCL's purchase orders for external parties. It involves integrating blockchain into HPCL's internal electronic purchase order system, resulting in tamper-evident and verifiable purchase orders. These orders are then sent to vendors, who can share them with third parties. Any third-party verifier can use the HPCL vendor portal verification application to confirm the authenticity of these purchase orders.
The HPCL representative revealed that the collaboration with Zupple Labs on this blockchain project has spanned six months, and HPCL has successfully developed the blockchain purchase order system. They anticipate making this system officially available to vendors later this month.
