Spanish energy giant Repsol claims that it has successfully improved safety quality certification of its products using a blockchain platform, while giving a potential annual cost savings of EUR 400,000, reports Business Insider.
The blockchain-based platform has been developed by Finboot, a part of the Repsol Foundation Entrepreneurs Fund, in partnership with the Repsol Technology Lab Research Center. This platform has reportedly improved the petrochemical products certification system. Using this new technology, the company expects that it will be able to track its products and samples during the entire electricity production and distribution process.
Moreover, by using the blockchain-based approach, the company hopes that the number of errors during the production process will be reduced, potentially increasing profits by EUR 400,000 per year.
Tomas M Malango, the manager of experimentation at the Repsol Technology Lab Research Center, expressed his views by saying that the procedures which are used in the company involve the handling of a large number of samples. Due to the wrong labels or tags, loss or faulty connection of information, these samples are often subjected to rework. Malango added that the successful implementation of the system may lead to its application in other similar sectors of the company as well.
However, Repsol is not the only company to utilize the blockchain technology. Recently, ACCIONA Energía, also declared that it will be tracking electricity generation using a blockchain-based approach. It will allow ACCIONA’s customers to track the origin of electricity distribution.
Blockchain technology is steadily gaining recognition in the Spanish energy sector. Previously, Iberdrola, a leading energy company in Spain, declared that it will be using blockchain to track renewable energy production. It reportedly ran a successful test as well. During the initial test, the company monitored renewable energy production of two wind farms and one power station.
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