Blockchain technology for the energy sector
Refining and petrochemical products at Repsol are subject to rigorous quality and safety certifications by regulating authorities. In total, our Repsol Technology Lab research center manages 60,000 samples from industrial businesses every year.
To improve the certification process of these products, our scientists have successfully tested blockchain technology. To do so, they have relied on the collaboration of Finboot, a startup devoted to high-level software development, which participated in Fundación Repsol's Entrepreneurs' Fund.
in savings by digitalizing the
sample certification process
Data transmission structure
A blockchain is a data transmission structure that enables information sharing in an immutable and distributed manner. It can be applied to fields such as the management of industrial supply chains. BlockLabs, the application developed by FinBoot and Repsol, uses digital equivalents of the samples to be approved, preventing inefficiencies and costs associated with “reworking”.
To validate this methodology, technicians at the Repsol Technology Lab chose to manage samples from the company’s industrial businesses since our center receives around 60,000 per year and this process involves many agents in and out of the company.
Furthermore, it is a very resource-intensive process and carried out mostly on paper. The estimated savings, taking into account the percentage of samples with “rework” issues, is about 400,000 euros. In addition to Refining and Chemicals, the application of the blockchain methodology is also under assessment for its application to other businesses within the company, such as Lubricants or Liquefied Petroleum Gas (LPG), with similar certifications.
Up until now, procedures like these, where a lot of samples is managed, experience many 'reworking' issues due to mislabeling, losses, or incorrect linking of information. Digitalization the process through BlockLabs makes it possible to identify the sample unequivocally throughout its life cycle.