Blockchain Startup Data Gumbo to Automate Oil Drilling Contracts for EquinorJanuary 25, 2022
Data Gumbo, a US-based firm that provides trusted transactional smart contract network today announced it had allied with Equinor where the latter will tap its blockchain network to manage contracts and invoicing for its oil drilling and well services, Ledger Insights reports, January 25, 2022.
Equinor to Use Data Gumbo’s Smart Contract Infrastructure
Blockchain technology continues to find new use-cases with its rising adoption across industries.
In the latest of such developments, blockchain startup Data Gumbo will provide its smart contract expertise to Equinor, a global energy company with a presence in more than 30 countries.
Notably, the solution will initially roll out across the Norwegian Continental Shelf. According to trials based on historical data, the automated tool created 99.7 percent accurate invoices devoid of any human intervention.
Commenting on the development, Erik Kirkemo, SVP for Drilling & Well in Equinor, said:
“Since piloting Data Gumbo’s smart contracts for offshore drilling services in 2019, we have worked with the company to continually refine and improve use cases. We now have the potential to expand Data Gumbo’s smart contract network to enable transactional certainty across our portfolio from the Norwegian Continental Shelf to our Brazilian operated assets and beyond.”
“GumboNet reduces inefficiencies and processing time around contract execution in complex supply chains, which is a problem in the broader industry.”
It’s worthy of note that Equinor Technology Ventures has also invested in Data Gumbo’s $6 million Series A funding round along with Saudi Aramco way back in 2019. Further, the company also participated in Data Gumbo’s Series B funding in 2020.
Blockchain Use in Oil and Drilling Industry
As mentioned earlier, blockchain technology is steadily coming of age as it transitions from an emerging technology into an essential one for industries the world over.
In December 2018, BTCManager reported that VAKT, a blockchain-based consortium formed by the leading oil and energy sector companies went live with the launch of its commodity post-trade management platform.
In similar news, BTCManager reported in June last year that GuildOne had partnered with Blockchain for Energy to pilot the first blockchain-based Integrated Joint Venture Management (IJVM) platform.
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