Leading Madrid Energy Co. Completes Successful Blockchain Pilot Program; $450k Saved
Spanish blockchain company Repsol has claimed that they have begun testing of a solution that can improve safety certification which can be helpful in saving the company over 400,000 Euros per year.
Repsol an energy company based in Madrid, Spain. It carries out upstream and downstream activities throughout the entire world. It has more than 24,000 employees worldwide.
It is vertically integrated and operates in all areas of the oil and gas industry, including exploration and production, refining, distribution and marketing, petrochemicals, power generation and trading.
It operates as an integrated energy company worldwide. Its Upstream segment engages in the exploration and development of crude oil and natural gas reserves.
The company’s Downstream segment is involved in refining and petrochemistry; trading and transportation of crude oil and oil products; commercialization of oil products, petrochemical, and LPG; and the commercialization, transport, and regasification of natural gas and liquefied natural gas (LNG).
The company also distributes and markets asphalt products; installs, operates, and manages gas stations; provides maritime services; commercializes platform for customer management and marketing plans; constructs and operates oil refineries; refines and markets hydrocarbons; provides human resource services; distributes and supplies electricity; leases logistics assets; and develops new energy source projects, as well as produces and markets lubricants and biofuels.
The blockchain solution that was a joint effort between the Repsol Technology Lab Research Center (Tech Lab) and blockchain startup Finboot, which is a part of the Repsol Foundation Entrepreneurs Fund.
The reason the company got in testing the blockchain technology was to particularly improve the certification process of petrochemical products. It will help Repsol in identifying as well as tracking samples and products all through the process of production. The lower number of frequency of errors will help them save 400,000 Euros.
“This type of procedures, in which we handle a large number of samples, are subject to many rework incidents due to mislabelling, loss or incorrect connection of information,” says Tomas M. Malango, adding that this “could be transferred to other departments of the company with similar practices and dysfunctions.”