Data Gumbo - Best Blockchain Solution
Company: Data Gumbo, Houston, TX
Company Description: Data Gumbo provides the industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance unprecedented speed, accuracy, visibility and transparency, as well as automated and accurate ESG standards measurement and reporting.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Blockchain Solution
Nomination Title: Data Gumbo's GumboNet
GumboNet™ is the massively interconnected industrial smart contract network powered by blockchain of companies, customers, suppliers and vendors that enables counterparties in any commercial relationship to build, manage and automate their own contracts.
This past year - since winning Gold in this category in 2020 - the network has expanded to include many more counterparties and smart contract applications.
GumboNet smart contracts offer a new approach to commercial relationships — one that reduces friction to deliver streamlined operations, transactional certainty and cost savings. Every transaction is accurate and certain, touchless and automated, powered by GumboNet. It is an honest broker for industrial applications.
Today, Data Gumbo is an award-winning disruptive innovator and recognized blockchain industry leader, as noted in the Forbes 2020 Energy Awards and CB Insights Blockchain 50 list of 2020. We are a smart contract technology company with customers around the world focused on serving the industrial markets of oil & gas, construction, mining, supply chain and logistics, and manufacturing.
GumboNet connects companies, suppliers and vendors to automate and execute smart contracts across commercial relationships using a validatable, immutable record of truth as the basis for business transactions. By forging trust between counterparties, Data Gumbo solves challenges surrounding fragmented workflows, managing complex assets and siloed technology systems that result in outrageous DSOs, payment disputes and admin-heavy reconciliations. By radically transforming how companies interact, Data Gumbo frees up working capital, reduces contract leakage, improves real-time cash and financial management and delivers provenance.
GumboNet is made possible by real-time Industrial Internet of Things data (operational field data) combined with industrial-grade blockchain technology for smart contract execution and automation. The network features world-class security and data access management. It is based on subscription so that enterprises do not have to build a blockchain network in isolation but, rather, join GumboNet to find a powerful, interconnected network of companies able to execute smart contracts.
The business outcomes and benefits are unparalleled: speed, accuracy, transparency, visibility, security, massive cost-savings and the removal of efficiencies,and - finally - trust in commercial transactions. For example, service providers get paid for exactly what is delivered and buyers pay only for what is measurably delivered — and payment automation taking a typical 90-day invoice process down to as little as two days.
GumboNet’s key differentiators include the capability for subscribers to create, configure, negotiate and manage smart contracts that work in tandem with natural language contracts. The network is a purpose-built private, permissioned blockchain with no cryptocurrency, tokens or mining. It operates as a single network of ledgers rather than non-interoperable point solutions, can store massive data sets for complete visibility and auditability, integrate with existing legacy or IoT data sources, and guarantees interoperability with other subscribers.
Global enterprises waste billions of dollars executing commercial transactions due to a lack of accuracy, transparency and efficiency. It is imperative that companies free up working capital and reduce inefficiencies for tremendous cost savings and uncovered value.
This past year amid the pandemic and oil price downturn, energy companies of all sizes, for example, are implementing GumboNet to not only survive but thrive. In 2020, the company forged a robust sales pipeline, doubled the size of the company, and added several partnerships. Customers include a new application of GumboNet by Air Drilling Associates (ADA) in Southeast Asia to support geothermal energy drilling contract execution and invoice payment processes within the energy sector; deployment with HENDERSON, a sales and services company for drilling rigs and capital equipment, marking the oil & gas industry’s first use of blockchain-based smart contracts between capital equipment sales, services, repair and maintenance operations; and adoption by several national oil companies and leading oil and gas operators.
As well, GumboNet was deployed by the Offshore Operators Oil & Gas Blockchain Consortium (10 oil and gas companies that recently rebranded as Blockchain for Energy) and was the first pilot and successful completion leveraging blockchain.https://www.businesswire.com/news/home/20201116005341/en/Blockchain-for-Energy-Relaunches-With-a-New-Global-Brand-in-an-Evolution-to-Better-Support-Its-Members
The pilot utilized GumboNet for automating produced water haulage from field reading to invoice payment. It was executed on five Equinor wells in the Bakken field and was the first industrywide use of a blockchain-native network for produced water haulage.
Chairman Rebecca Hofmann: “The results of this pilot prove that non-manned volume validations can trigger automated payments to vendors, and showcase the opportunities that exist for blockchain to reduce costs, increase efficiency, provide transparency and eliminate disputes in the oil and gas industry.”
GumboNet reduced current processes from 90-120 days down to one to seven days with 85% of all volume measurements automatically validated to enable a 25-35% reallocation of resources due to cost savings.
These results show that blockchain delivers the ability to know and lower your costs, and GumboNet offered a path to navigate previously convoluted and resource-intensive issues around trust, accuracy and the ability to verify data in the field.
Please find the announcement “OOC Oil & Gas Blockchain Consortium Announces Successful Completion of Produced Water Haulage Pilot Leveraging Blockchain Technology”: https://www.businesswire.com/news/home/20200603005011/en/OOC-Oil-Gas-Blockchain-Consortium-Announces-Successful-Completion-of-Produced-Water-Haulage-Pilot-Leveraging-Blockchain-Technology.
As well, Data Gumbo regularly announces its adoption and milestones via press releases: https://media.datagumbo.com/en, and key images and URLs regarding major recognition have been uploaded to this submission.