BT
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.
