A significant advancement in the energy sector has been announced as Repsol, a major global energy provider, officially joined the Hedera Council. This move aims to enhance the adoption of Web3 technologies particularly focusing on Decentralized Digital Identity (DID). The initiative signifies a major step towards bolstering trust, security, and efficiency in business interactions within the energy industry.
Repsol, which operates in over 90 countries and serves more than 24 million customers worldwide, is recognized as a Fortune Global 500 company. The organization’s current focus is on transforming data verification and exchange processes across its extensive global operations, utilizing Hedera’s enterprise-grade distributed ledger technology. This technology promises to facilitate secure, auditable, and real-time management of critical business information, which is essential for compliance with upcoming regulations, including EUDI Wallets, eIDAS2, and GDPR. Moreover, this approach is set to lessen administrative burdens while enhancing transparency, particularly in procurement, supplier onboarding, and sustainability reporting.
As a new member of the Hedera Council, Repsol has outlined three key objectives:
- Standardization: To create interoperable identity frameworks for suppliers, partners, and employees.
- Automation: To enable wallet-to-wallet credential exchanges that streamline various Know Your Business (KYB) and Know Your Customer (KYC) processes.
- Integrity: To provide verifiable, tamper-proof credentials aimed at eliminating fraud and strengthening trust among stakeholders.
In addition to its governance role, where Repsol will operate a node on the Hedera network and participate equally with other members in decision-making, the company intends to explore new applications for Decentralized Digital Identity. These include issuing sustainable origin certificates, verifying vendor data, and developing DID-based signature tools. This collaborative effort with the Hedera ecosystem aims to promote broader adoption of Web3 solutions across the industry.
Tom Sylvester, President of Hedera Council, commented on this significant partnership, noting that Repsol’s commitment to implementing foundational digital identity use cases on Hedera highlights the increasing demand for verifiable trust in multinational operations and complex supply-chain verification. He emphasized that this milestone underlines the organization’s intention to leverage trusted governance for advancing their operations.
The Hedera Council is a globally distributed governing body comprising leading organizations such as Fortune 500 companies, banks, web3 innovators, and premier educational institutions. With its diverse membership, the council is focused on ensuring decentralized and collusion-resistant governance of the Hedera network, further solidifying the infrastructure required for Web3 advancements in various sectors, including energy.
