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The energy company Repsol, based in Madrid, reported a successful test of a blockchain pilot to improve the quality of the safety certification of its products. Cointelegraph in Spanish reported the news on January 15th.
Founded in 1987, Repsol is a leading energy company operating in the oil and gas sector, including the exploration, development and production of crude oil and natural gas. In the first nine months of 2018, the company's net income reached 2.7 billion euros, up 37 percent from the beginning of the year, according to the Financial Times.
The Repsol Technology Lab research center (Tech Lab) and the Finboot startup blockchain, which is part of the Repsol Foundation Entrepreneurs Fund, jointly implemented a blockchain solution to improve the certification process of petrochemicals. It is expected to allow the company to identify and track samples and products during the entire production process.
In addition, the use of blockchain will allow Repsol to save up to 400,000 euros each year by reducing the frequency of errors. The head of experimentation at the Tech Lab, Tomas M. Malango, highlighted that there are many room for improvement in the sector:
"This type of procedure, in which we handle a large number of samples, is subject to numerous rework problems due to mislabelling, loss or incorrect connection of information."
According to Malango, the positive results of Repsol's pilot blockchain "could be transferred to other departments of the company with similar practices and malfunctions".
Blockchain technology is gaining more and more presence in the energy sector in Spain. Yesterday, Iberdrola, the largest Spanish energy company, started using blockchain to monitor renewable energy. During the pilot project, which would have been successful, Iberdrola monitored the renewable energy supplied by two wind farms and a power plant at the offices of the banks located in the Basque Country and in the southern city of Cordoba.
In December, another energy company ACCIONA Energía announced that it will distribute blockchain to track electricity generation. With this move, ACCIONA intends to allow its customers to monitor the origin of the electricity distribution.
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