Finboot will supply Repsol with its blockchain technology solution BlockLabs after a successful blockchain Proof of Concept (PoC) conducted with the Spanish energy company. BlockLabs is powered by Finboot’s proprietary MARCO software which uses blockchain to certificate products, thereby increasing supply chain efficiencies. Repsol has acquired a circa 8% stake in the company through its strategic investment fund. The funds will be used to support the enhancement and extension of Finboot’s product offering in line with the company’s growth strategy.
“Finboot’s approach to facilitate the access and adoption of Blockchain technology for business applications could have an enormous impact on applications could have an enormous impact on applications could have an enormous impact on applications could have an enormous impact on the way we operate at Repsol” said Jose Javier Salinero Rodriguez, Innovation Manager at Repsol Technology Corporate Venture Capital.
Finboot and Repsol
The PoC challenge which Repsol presented to Finboot involved the recording, tracking, monitoring and accessing of certificates within downstream oil and gas supply chains. Traditionally this is slow, repetitive and costly because supply chains run between refineries, laboratories, clients and regulators – on a global basis.
Finboot used blockchain technology, delivered through MARCO, to:
- offer verifiable, immutable certificates
- guarantee transparency traceability, verifiable, immutable certificates
- delivery of efficiencies and trust.
Finboot and Repsol were able to prove the concept in weeks. Repsol estimates that the solution will save approximately €400,000 per annum, even with a limited roll out.
Finboot will supply Repsol with BlockLabs, which was developed by Finboot during Fundación Repsol’s startup acceleration programme, and in collaboration with Repsol Technology Lab. The solution uses blockchain to improve the certification process of petrochemical products. Doing this enables supply chain efficiencies.
Nish Kotecha, Chairman and Co-Founder of Finboot, said: “We are delighted to have received this double endorsement from Repsol, a global leader in the energy industry. The investment cornerstones our latest fundraising round, while the contract is testament to the capabilities of our technology and its ability to support and enhance efficiencies across enterprises. This partnership represents a significant milestone for Finboot and augurs well for our future growth ambitions.”
MARCO in oil and energy
Marco is a blockchain agnostic SaaS which:
- combines business workflows with blockchain core functions
- accelerates ROI for enterprises due to the combination of governance, standards, interoperability and technology
- bridges or builds on Ethereum, Hyperledger Fabric, Quorum and Cardano.
The paradigm shift towards renewable energy sources is one key to unlock competitive advantage. But complex compliance mechanisms often operate to disadvantage energy transition. With MARCO Track & Trace, enterprises can:
- build transparent ecosystems of trust
- optimise compliance
- take a lead on sustainability.
For example, the oil and energy sector relies on joint operations. Yet there are multiple challenges when sharing data results, with misinformation and unnecessary delays being among the biggest. With multiple layers of cryptography, providing data integrity through decentralisation while still maintaining enterprise oversight, MARCO Track & Trace enables stakeholders to share data securely.
Finboot is a software innovation group seeking to facilitate and simplify the adoption of blockchain technologies into daily business operations. It has a specific focus on industrial supply chains and is delivering specific value with the capability to verify products’ sustainability credentials.
Finboot predominantly focuses on the following sectors:
- Oil & Gas
- Consumer Goods
It has plans to extend this industry reach.
Enterprise Times: what does this mean
Blockchain technology has the potential to accelerate the blending of many of the complex processes which comprise industrial supply chains. Doing this should:
- enable secure data sharing
- improving auditability.
Yet relatively few enterprises have as yet unlocked the full potential of digital technologies. There are estimates that companies which digitise their supply chains can expect to boost annual earnings growth by 3+%. If the Finboot/Marco introduction proceeds as anticipated, Repsol would seem to believe this is possible, with time and costs savings and/or revenue growth to follow.