Repsol, one of the largest energy companies in Europe and in Spain, purchased 8% of Finboot, a company that specializes in blockchain technology for oil companies. The information was released by the Spanish newspaper El Economista on July 15.
Repsol Purchases Blockchain Company
Finboot, a company located between Barcelona and London is one of the startups that has received economic support from Repsol. The firm specializes in adapting blockchain solutions for its clients in areas such as oil and gas, retail sales and more.
According to the report, Finboot has been working on a blockchain project called BlockLabs. Repsol Technology Labs provided information and helped the firm develop this platform and provide solutions to different companies.
At the same time, the website called República informed that Repsol is investing in Finboot through its investment fund called Repsol Corporate Venturing.
About it, the report reads as follows:
“Repsol, through its strategic investment fund Repsol Corporate Venturing, entered the shareholding of the Spanish startup that specializes in blockchain technology Finboot.”
It is worth mentioning that the firm has already invested in other companies such as Nanogap, that works with nanotechnology, Ample, that provides electric mobility solutions or 3D Recreus. With the latest investment in Finboot, it will be possible for Repsol to make commercial operations easier and faster.
At the same time, El Economista clams that Repsol considers it can eventually save €400,000 per year. With this technology, it is possible to improve processes, reduce bureaucracy and also make organizations much more efficient. As per the report released by El Economista, they inform that distributed ledger technology (DLT) can also be used to exchange data and improving audits.
“This solution uses blockchain technology to improve the certification process of petrochemical products, increasing efficiency in the supply chain,” reads the report. “With this technology, Repsol expects to be saving €400,000 per year.”
There are several companies all over the world that are starting to work with blockchain technology. These firms include banks, financial companies, health care centres and even governments. For example, Carrefour is using distributed ledger technology in order to track products that it sells on its supermarkets in France and other countries. Users can now check from where a product comes from and how it arrived from the farm to the supermarket.
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