Finboot secures Repsol investment after blockchain PoC

Finboot secures Repsol investment after blockchain PoC

 

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. Jose Javier Salinero Rodriguez 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, […]