Data Gumbo: Global Oil Operators Can Conserve 30% More With The Help Of Blockchain

Global Oil Operators Can Conserve 30% More With The Help Of Blockchain

Data Gumbo, a blockchain data analyst firm suggests that oil operators around the globe can save 30% more if they implemented blockchain in their infrastructure. The piece of information was put out by the startup’s CEO Andrew Bruce on Bloomberg Commodities Edge on July 19. Bruce explained the importance of blockchain-powered smart contracts and its potential making complex parts of many businesses quite simplified.

Bruce was answering the host’s question on how much the present oil industry can save if they started using smart contracts instead of paper contracts, to which he replied that their data analytics suggest the result could be as high as 30%. Data Gumbo studies suggest that the oil industry was worth $2.3 trillion in 2017.

Data Gumbo is a blockchain data analytic firm and raised $6 million in funding in May 2019 from major energy firms including Equinor’s venture subsidiary Equinor Technology Venture and Saudi Aramco’s venture arm Saudi Aramco Energy Ventures. In total the startup raised $9.3 million in funding and would be expected to improve oil and gas supply chains through blockchain. The main focus would be on creating dynamic smart contracts powered by blockchain to ensure automated transactions and eliminate dispute. The whole implementation would not only cut the cost, but also the time.

There has been a surge of blockchain-focused business and services catering to the needs of the energy sector. Recently, Apple co-founder Steve Wozniak invested in a blockchain-based energy firm Efforce.

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