Repsol Corporate Venturing an open innovation strategy geared to complementing Repsol’s internal capabilities of R&D, has acquired 8% in Finboot. The startup specializes in Smart Contracts in the oil and gas, chemical, merchandise and automotive sectors and uses blockchain technology to certify petrochemical products that boost efficiency in the supply chain.
Finboot will provide their blockchain -based solution Blocklab. The solution uses blockchain technology to enhance the certification process of petrochemical products and enhancing the overall operation within the supply chain. Repsol believes that the integration will save more than $451,000 annually.