Spanish energy giant, Repsol, has reported a successful test of a blockchain pilot, inorder to improve the quality of safety certification of its products.
The Madrid based energy company established in 1987, is a leading energy outfit operating in the oil and gas industry as well as participating in exploration, development and production of crude oil and natural gas.
The company netted an income of a whopping 2.7 Billion Euros in the first 9 months of 2018 rising by 37 percent since the beginning of the year, according to the financial times. Repsol’s foray into the Blockchain was spearheaded by the Repsol Technology Lab Research center (Tech lab) in conjunction with blockchain startup- finboot. Finboot is part of the Repsol entrepreneurs program.
The two entities which fall under Repsol’s umbrella have jointly worked to deploy a blockchain solution that will boost the certification process of petrochemical products. Once the project is complete and operational the company will have the ability to identify and track samples as well as products throughout the entire production process.
The Blockchain will not only aid in tracking, but also in reducing the frequency or errors in production which will purportedly save the company up to 400,000 Euros a year. Repsol’s techlab manager, Tomas M. Malango highlighted that there was a lot of room for improvement in production stating that;
These types of procedures, in which we handle a large number of samples, are subject to many rework incidents due to mislabeling, loss or incorrect connection of information.”
He therefore reveled in the development of the Blockchain solution and stated that the Solution’s successful pilot could be replicated in other departments within the company that suffered similar dysfunctions.
Blockchain technology is increasingly gaining traction in the Spanish energy sector with Spain’s major energy company Iberdrola using blockchain to track renewable energy just this week. Last month saw another Spanish based company, ACCIONA Energia announce that it was going to deploy blockchain technology to trace electricity generation. This will allow ACCIONA to track the provenance of electricity distribution in the country atK_��h
