Indian Oil company, Hindustan Petroleum Corporation Limited (HPCL) has incorporated blockchain technology into its operations to enhance efficiency in purchase order systems and to prevent fraudulent activities in the process.
The 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 vendors using LegitDoc, which can be instantly verifiable on the NEAR blockchain.
In an announcement, HPCL said that the goal of this partnership is to reduce the forgery of purchase orders and facilitate trade finance for vendors through collateralization, turnover proof, and public procurement involvement. Within October, the facility will be accessible to people and vendors.
Purchase orders that were previously vulnerable to fraud can now be sent to the right parties thanks to the use of LegitDoc, allowing participants to quickly and easily authenticate with a single click.
This transition to a more effective and transparent purchase order system is a big step forward for HPCL and the oil and gas sector overall, encouraging digital automation and fostering industry trust.
The founder of Legit Doc, Neil Martis, explained, “It’s exciting to see an oil conglomerate such as HPCL use our technology LegitDoc, to secure billions of dollars’ worth of purchase orders.”