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Repsol, the biggest oil company in Spain, has developed a Blockchain powered pilot program to manage the quality and safety of certifications on oil products according to a report published by Business Insider Spain.
London based startup Finbook and the Repsol Technology Lab Research Center implemented the Blocklabs, a Blockchain solution to improve the certification process of petrochemical and derivatives.
The application is powered by Marco, the brand platform developed by Finboot, and certifies the quality of petroleum derivatives products and also follows their production as they exchange hands between parties in the Supply Chain.
Blocklabs uses digital equivalents of industrial samples, which eliminates inefficiencies and costs associated with reworking. “The Repsol Technology Lab Research Center processes 60,000 samples from the industrial businesses each year.” Blocklabs will save 400,000 euros per year.
According to the press release, Finboot aims to connect “a technology, that is often talked about but still difficult to use, within the corporate sphere,” said Juan M. Pérez, CEO of Finboot. “They have developed a platform that adapts and scales this technology to deliver tools that allow offices or factories to easily connect to several blockchains using a web application.”
The Blocklabs system works as “people can request certification of a sample on the web application, which creates an equivalent digital file and registers it in a blockchain. From this moment on, physical samples and all the associated information (characterization, origin, certificates requested, etc.) are registered and unchangeably linked to their digital equivalents. Once testing has been carried out and the certificate has been issued, the details of the certificate are registered in the digital asset with the same code,” the note said.
The joint project tested the first pilot last summer using real samples that recreates the ecosystem. Following results, the program will be implemented in the research center by April 2019.
The Tech lab is not only thinking about refining and chemicals but also studying “the possibility of applying this methodology in other businesses, such as lubricants or liquefied petroleum gas (LPG),” that require similar certifications.”
Repsol is looking beyond its current application. They see digital assets as a commercial tool with official certification processes as the natural environment for BlockLabs developments.
The technology applied in BlockLabs has possible implementations in other businesses that work with the exchange of information or trading. ” If we could certify the various elements of the process in real time and all those involved in the process could see the other steps, it would be of great value” for the company concerning the product or crude tanker sales.
In the medium term, “these digital assets could become a commercial tool. For biogasoline, Repsol could sell the fuel along with a digital certificate of its origin and its lower emissions,” the press release says.
“The traceability of blockchain technology may also be a competitive advantage because it could allow customers to follow how the products from our processes are designed and produced in real time,” the note says while quoting company’s officials.