Blockchain Tech Could Help Energy Firm Repsol Save 400,000 Euro per Year

The world has witnessed several blockchain projects being implemented for different purposes across the industrial board in the last couple of years. Thus cementing the belief that the new technology really does have something revolutionary to offer to each industry or business, rather than just being an overhyped trend.

The fact that trials testing the blockchain tech are underway is no secret. In recent news another company has reported a successful test run for blockchain. Repsol, the Madrid-based energy company ran a test of a blockchain pilot in order to improve the quality of safety certification of its products. And fortunately enough, the test was a success.

Repsol is classified as one of the leading energy companies and was establish in 1987. The company specifically operates in the oil and gas industry; which also entails exploration, development, and production of crude oil and natural gas. According to Financial Times, during the first nine months of last year, Repsol’s net income reached 2,7 billion euros, which means that it rose by 37 per cent from what it was at the beginning of the year.

The blockchain solution that was deployed was actually a joint effort between the Repsol Technology Lab Research Center (Tech Lab) and blockchain startup Finboot, which is in fact a part of the Repsol Foundation Entrepreneurs Fund. The reason the company got in to testing the blockchain technology was to particularly improve the certification process of petrochemical products.

The blockchain-powered solution is expected to enable Repsol in identifying as well as tracking samples and products all through the process of production. Furthermore, the company estimates that the use of blockchain will save them up to 400,000 euros each year because of the reduction in the frequency of errors.

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.

Highlighted the manager of experimentation at the Tech Lab, Tomas M. Malango, while discussing about the room for improvement in the industry.

He also believes that the fruitful results of the test run of Repsol’s blockchain pilot could be transferred to other departments as well, as it could potentially propose solutions to the departments that face similar dysfunctions.

While it’s true that blockchain is popular across the globe, it has however, gained an increased presence in Spain. Yesterday only, another one of the Spain’s major energy companies began utilizing blockchain; Iberdrola started using blockchain technology in order to track renewable energy. During the pilot, the company monitored the renewable energy delivered from two wind farms and one power station to banks’ offices located in Basque Country and the southern city of Cordoba. And according to reports the pilot was a success.

2019 might just be the year that majority of the key companies in Spain shift to blockchain-powered solutions. For further details, stay tuned to BlockPublisher.

Abeer Anwaar

Abeer holds a Bachelors degree in Media studies and covers blockchain startups for BlockPublisher. An optimist, excels in the art of the written word and swears by the joy of all things sweet. Contact the editor at editor.startups@blockpublisher.com

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