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Company: Data Gumbo, Houston, TX
Nomination Submitted by: Fama PR
Company Description: Data Gumbo is the smart contract network company trusted by industrial enterprises. The company’s proprietary GumboNet™ is the only network of enterprises and their customers, suppliers and vendors that incorporates real-time sensor level and field data to validate transactions and reduce costs by more than 10% by automatically eliminating payment delays, disputes and complex reconciliations.
Nomination Category: New Product & Service Categories - Business Technology
Nomination Sub Category: Blockchain Solution
 Nomination Title: Data Gumbo GumboNet™
- Which will you submit for your nomination in this category, a video of up to five (5) minutes in length about the nominated new or new-version product or service, OR written answers to the questions for this category? (Choose one):
Written answers to the questions
- If you are submitting a video of up to five (5) minutes in length, provide the URL of the nominated video here, OR attach it to your entry via the "Add Attachments, Videos, or Links to This Entry" link above, through which you may also upload a copy of your video.
- If you are providing written answers for your submission, you must provide an answer to this first question: If this is a brand-new product, state the date on which it was released. If this is a new version of an existing product, state the date on which the update was released:
GumboNet™ is the only industrial smart contract network powered by blockchain that incorporates real-time sensor level and field data to validate transactions and connect companies, suppliers and vendors in a secure and trusted network, solving challenges surrounding fragmented workflows. Since winning Gold in this category last year, the network has expanded to include many more counterparties and smart contract applications including Equinor, Well Expertise and Exceed Norge. Today, Data Gumbo is a disruptive innovator and recognized blockchain-powered smart contract leader, as demonstrated by Data Gumbo’s award wins in the Globee 2021 Disruptor Company Awards and ADIPEC awards. GumboNet is trusted by industrial enterprise customers around the world and is focused on serving the industrial markets of oil & gas, construction, mining, supply chain and logistics, and manufacturing. Additionally, Data Gumbo expanded its offerings in March 2021 with an automated, accurate sustainability measurement solution that ties operational data to environmental, social and governance (ESG) reporting. GumboNet ESG verifies real-world events as they unfold in real-time: an efficient tool in its ability to track, report and audit carbon footprints. Data streams include biodiversity impact, operational impact, greenhouse gas emissions (GHG), and workforce health and safety.
- If you are providing written answers for your submission, you must provide an answer to this second question: Describe the features, functions, and benefits of the nominated product or service (up to 350 words):
Total 350 words used.
Industrial sectors are capital and resource-intensive, and rife with transactional and informational friction. Amid the pandemic and with ongoing supply chain issues, companies must operate on ultra-low margins. GumboNet enables reductions in costs and contract leakage, decreases working capital expenses like vendors borrowing against receivables or buyers financing joint interest partners, requires less use of enterprise middleware, and can reduce SG&A and administrative burdens of contracts.
Unlike traditional payments systems, GumboNet smart contracts calculate the quantities of goods delivered or services rendered using Industrial Internet of Things (IIoT) connected data sources from the field, then automatically applies agreed-upon pricing and business logic to create pre-reconciled invoices and automate payments. GumboNet is subscription based so 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. By using GumboNet, companies benefit from a more than 10% (in some cases up to 25%) cut in contract costs yielding multimillion-dollar savings accrued through automating 90% of billings and reducing 60+ step processes down to two.
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 and 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 IIoT data sources, and guarantees interoperability with other subscribers.
In regards to ESG reporting, GumboNet ESG acts as a neutral third-party, reaching across data sources, silos and counterparties, capturing and verifying real-world events and services as they unfold. This makes the network an unparalleled solution in its ability to track, report and audit carbon footprints across a company’s supply chain from Scope 1 and 2, into the elusive Scope 3 where most emissions take place but are hardest to track and measure. The result is real-time, verifiable environmental performance monitoring and reporting, setting a new bar for transparency and trust in the ESG space.
- If you are providing written answers for your submission, you must provide an answer to this third question: Outline the market performance, critical reception, and customer satisfaction with the product or service to date. State monetary or unit sales figures to date, if possible, and how they compare to expectations or past performance. Provide links to laudatory product or service reviews. Include some customer testimonials, if applicable (up to 350 words):
Total 338 words used.
Industrial enterprises are implementing GumboNet to not only survive, but thrive. GumboNet has increased its network transaction value to over $1 billion and currently supports over 40 use cases from paying for diesel fuel, to electronic wireline services to day rates for drillships. GumboNet is in its 1.13 version and, over the next year, will be continuously upgraded to improve user self-services for smart contract template creation, publishing and reuse, as well as data orchestration in from disparate field and enterprise data sources and out to various endpoints including major ERPs, Business Intelligence tools and various ESG reporting frameworks.
Due to the network’s expansion, Data Gumbo has doubled the size of the company and is establishing a new office in Saudi Arabia to open in spring of 2022 to cover demand growth in the Middle East. New customers include a contract agreement with global energy leader Equinor to roll out GumboNet across its drilling and well services (IDWS) category, beginning with the Norwegian Continental Shelf; deployment with Well Expertise, a well management company, to improve workflow processes, automate invoicing and payments, and aid in real-time operational cost control; and an agreement with Exceed Norge to deploy smart contracts across the large and complex oil and gas projects it manages on behalf of its energy operators and their vendors.
One example of GumboNet’s impact is the successful pilot to automate production chemical delivery with a Texas-based hydrocarbon exploration company and a multinational chemical company. It occurred at approximately 200 locations, and included the delivery of several chemicals and services in a 30-day period. Full implementation will result in scalable benefits including: 95% fewer ticket touches eliminating human approvals; reduction of service-to-approved-invoice times from an average of 72 days to two; and overall reduction of disputes and the accelerated ability for same-day dispute resolution.
These results show that GumboNet’s blockchain-backed smart contracts lower industrial enterprises' costs, and offer a path to navigate previously convoluted and resource-intensive issues around trust, accuracy and the ability to verify data in the field.
- You have the option to answer this final question: Reference any attachments of supporting materials throughout this nomination and how they provide evidence of the claims you have made in this nomination (up to 250 words):
Total 139 words used.
Customer Announcements/Pilots:
GumboNet ESG:
Company Momentum:
Award Wins/Analyst Recognition:
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