Global energy company Repsol joins Hedera Council to expand decentralized digital identity, improve compliance, enable interoperability, and strengthen enterprise data trust globally.
Repsol, a global energy company, has officially joined the Hedera Council, marking a strategic move toward decentralized digital identity adoption. Moreover, the decision is based on the growing enterprise demand for secure digital trust infrastructure Notably, Repsol is looking to modernize the way it is verifying identities for the company’s wide-ranging operations across the globe. Consequently, the move adds strength to Hedera’s enterprise-focused Web3 positioning.
Repsol Targets Enterprise Identity Transformation on Hedera
Repsol is present in over 90 countries and serves over 24 million customers around the world. Therefore, it is important to have reliable identity verification for procurement and compliance, as well as for engaging with suppliers. As a Fortune Global 500 company, Repsol is still exploring scalable digital systems. Accordingly, Hedera’s enterprise-grade distributed ledger supports secure, auditable data exchange.
Furthermore, Repsol identified three basic priorities in decentralized digital identity development on Hedera. First, the company is planning to implement interoperable identity frameworks at enterprise scale. Second, it is aimed at automating wallet-to-wallet processes (KYB and KYC). Third, it wants to provide tamper-proof credentials, providing greater verifiable trust.
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In addition, these are initiatives that relate closely to the upcoming European Digital Identity Wallet requirements. Specifically, compliance with eIDAS2 and GDPR is at the heart of Repsol’s roadmap. As a result, administrative friction in a multinational operations may decrease. Meanwhile, transparency could improve in procurement, supplier onboarding and sustainability reporting.
Repsol’s strategy focuses on real time and auditable information management. Thus, procurement workflows may become faster and more reliable. Similarly, supplier data verification could be used to reduce fraud risks. Overall, Hedera’s distributed ledger technology is supporting Repsol’s long-term digital transformation objectives.
Hedera Governance Role and Market Context
As part of its Hedera Council membership, Repsol will have a network node running. Consequently, it will have an equal voting right of other council members. This governance structure provides decentralized oversight of the software and services provided by Hedera. Currently, the Council has up to 39 rotating global organizations.
Additionally, Repsol is planning to investigate additional DID use cases in the Hedera ecosystem. These are sustainable origin certificates issuance and vendor data verification. In addition, digital signature solutions based on DID are still being evaluated. Such applications could help to further increase trust in global supply chains.
Tom Sylvester, President of the Hedera Council, called Repsol’s entry a major milestone. He added that Repsol’s operations as a multinational company require verifiable trust at scale. Therefore, its decision adds to the increasing importance of governed digital identity frameworks. Accordingly, the complex supply chains increasingly need trusted digital infrastructure.
Meanwhile, Hedera’s native token has come under market pressure recently. HBAR current price is around $0.11, which is down by 1.70% over the past 24 hours. Additionally, the prices went down 16.89% in the past seven days. During the past month, the price of HBAR fell 25.18%.
Despite the price weakness, enterprise adoption is continuing to expand. Recently, Repsol joined the Hedera Council to expedite the adoption of Web3 technology. Thus, long-term network utility may be strengthened in spite of short-term volatility. Ultimately, Repsol’s involvement consolidates the enterprise growth path of Hedera.
Hedera Council is one of the distributed and transparent governing bodies worldwide. With the inclusion of Repsol, industry diversity grows even further. Consequently, enterprise blockchain adoption may continue to pick up pace across the globe.
Source: https://www.livebitcoinnews.com/repsol-joins-hedera-council-to-advance-decentralized-digital-identity/
