Data Gumbo announces new Smart Contract for Independent Oil and Gas Companies (IoC)

Share Article

For IoC's, Data Gumbo provides a blockchain-based Smart Contract to automate performance-based contracts. Data Gumbo’s new customer plans to use Smart Contracts to incentivize cost cutting by their suppliers.

Operators and contractors alike are referring to Data Gumbo as the 'Honest Broker'. By providing a trusted Smart Contract platform, Data Gumbo removes the manual processes and litigation from transactions. Operator and Contractor agree on a set of performance metrics with incentives for improvement, calculated daily. Data Gumbo consumes the relevant data, calculates the appropriate bonus or penalty, and executes every 24 hours automatically. Customers use the smart contracts to lock in the $10's - 100's of millions in savings available from improvements in rig efficiency.

For example, a major Energy company has determined that they make twenty-one million drill pipe connections per year. If they can save one minute per pipe connection, it will be worth $250M per year to them. Data Gumbo enable them to automate access to these savings using proprietary Smart Contracts.

Data Gumbo’s new contract is with one of the largest privately held IoC's in the US. Data Gumbo analyzes drill pipe connection and survey times. The results are the basis of smart contracts to incentivize drilling contractors to reduce expenses. In turn, drilling contractors use the smart contracts as a differentiator for their service.

"We're very excited to be selected by a major IoC as their smart contract service" says Andrew Bruce, CEO of Data Gumbo. "This is validation of our application of blockchain to solve the mistrust problem in our industry"

About Data Gumbo
For IoC's, Data Gumbo provides a blockchain-based Smart Contract service. Smart Contracts automate performance-based contracts. Data Gumbo is headquartered in Houston Texas with an office in Stavanger Norway.
Website: http://www.datagumbo.com

Share article on social media or email:

View article via:

Pdf Print

Contact Author

Andrew Bruce

Andrew Bruce
Data Gumbo Corp
2819090781
Email >
@atjbruce
since: 02/2008
Follow >
Data Gumbo Corp
Like >
Data Gumbo Corporation

Visit website