Madrid-based energy company Repsol reported a successful test of a blockchain pilot to enhance the standard of safety certification of its products. Top Market group in Spanish reported the news on January. 15.

Established in 1987, Repsol is a leading energy company that operates in the oil and gas business, together with exploration, development, and production of crude oil and natural gas. in the first 9 months of 2018, the company’s net profit reached 2.7 billion euros, rising by 37 % since the start of the year, as per financial Times.

The Repsol Technology lab research center (Tech Lab) and blockchain startup Finboot, that is a a part of the Repsol Foundation Entrepreneurs Fund, together deployed a blockchain solution to enhance the certification method of petrochemical products. It’s expected to enable the Firm to spot and track samples and products throughout the entire process of production.

Additionally, the utilization of blockchain can supposedly enable Repsol to save up to 400,000 euros every year by reducing the frequency of errors. The manager of experimentation at the tech research lab, Tomas M. Malango, has highlighted that there's plenty of space for improvement in the industry:

"This sort of procedures, within which we handle a large range of samples, are subject to several rework incidents because of mislabelling, loss or incorrect connection of information."

According to Malango, the successful results of Repsol’s blockchain pilot "could be transferred to alternative departments of the corporate with similar practices and dysfunctions."

Blockchain technology has been gaining increasing presence in the energy sector in Spain. Yesterday, Spain’s major energy company Iberdrola began using blockchain to trace renewable energy. During the pilot — that was reportedly successful— Iberdrola monitored the renewable energy delivered from 2 wind farms and one power station to banks’ offices situated in Basque Country and therefore the southern town of Cordoba.

In Dec, another energy company ACCIONA Energía declared it's going to deploy blockchain to trace electricity generation. With this move, ACCIONA plans to permit its shoppers to trace the provenance of electricity distribution.

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