January 16, 2019 | AtoZ Markets –The Madrid-based energy company Repsol reported on January 15 that their pilot blockchain project to improve the quality certification of their products was tested successfully.
Brief Repsol history
Repsol was found in 1987. It is a leading energy company operating in the oil and gas industry, including exploration, development, and production of oil and natural gas. According to the numerous financial publications, in the first nine months of 2018, the company’s net profit reached 2.7 billion euros, an increase of 37 percent from the beginning of the year.
The Repsol Technology Lab (Tech Lab) and Finboot startup blockchain, part of the Repsol Foundation for Entrepreneurs, jointly implemented a blockchain solution to improve the certification process for petrochemical products. According to the developers, this will allow the company to identify and track samples and products throughout the entire production process. In addition, the use of the blockchain, allegedly, will allow the company to save up to 400,000 euros per year by reducing the error rate.
Tomas M. Malango, technical laboratory experimentation manager, stressed that there is much room for improvement in the industry:
“This type of procedure, in which we process a large number of samples, is subject to multiple rework incidents due to mislabeling, loss of information or incorrect connection.”
According to Malango, the successful results of the pilot project Repsol on the blockchain “can be transferred to other departments of the company with similar practices and violations.”
Interest in Blockchain in Spain is growing
Last year Atoz Marketz covered article regarding Spanish ruling party which has proposed to utilize Blockchain in the public administration of the country. The party also noted about planning to study the approaches of the nations that are already tapped into the Blockchain introduction. Since that event the new technology keeps gaining more interest from the investors. Particularly the Blockchain technology is gaining a growing presence in the Spanish energy sector. Recently, the Spanish energy company Iberdrola began using a blockchain to track renewable energy sources. During the pilot project – which was reportedly successful – Iberdrol controlled the renewable energy supplied from two wind power plants and one power plant to bank offices in the Basque Country and in the southern city of Cordoba.
In December, another energy company, ACCIONA Energía, announced that it was going to deploy a blockchain to track electricity generation. By this step, ACCIONA plans to allow its customers to track the origin of the distribution of electricity.
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