{"id":150556,"date":"2022-01-25T21:53:17","date_gmt":"2022-01-25T21:53:17","guid":{"rendered":"https:\/\/precoinnews.com\/?p=150556"},"modified":"2022-01-25T21:53:17","modified_gmt":"2022-01-25T21:53:17","slug":"blockchain-startup-data-gumbo-to-automate-oil-drilling-contracts-for-equinor","status":"publish","type":"post","link":"https:\/\/precoinnews.com\/blockchain\/blockchain-startup-data-gumbo-to-automate-oil-drilling-contracts-for-equinor\/","title":{"rendered":"Blockchain Startup Data Gumbo to Automate Oil Drilling Contracts for Equinor"},"content":{"rendered":"

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<\/em> reports, January 25, 2022.<\/strong><\/p>\n

<\/span>Equinor to Use Data Gumbo\u2019s Smart Contract Infrastructure
\n<\/strong><\/span><\/h2>\n

Blockchain technology continues to find new use-cases with its rising adoption across industries.<\/p>\n

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.<\/p>\n

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.<\/p>\n

Commenting on the development, Erik Kirkemo, SVP for Drilling & Well in Equinor, said:<\/p>\n

\n

\u201cSince piloting\u00a0Data Gumbo\u2019s\u00a0smart 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\u2019s smart contract network to enable transactional certainty across our portfolio from the Norwegian Continental Shelf to our Brazilian operated assets and beyond.\u201d<\/strong><\/p>\n<\/blockquote>\n

Adding:<\/p>\n

\n

\u201cGumboNet reduces inefficiencies and processing time around contract execution in complex supply chains, which is a problem in the broader industry.\u201d<\/strong><\/p>\n<\/blockquote>\n

It\u2019s worthy of note that Equinor Technology Ventures has also invested in Data Gumbo\u2019s $6 million Series A funding round along with Saudi Aramco way back in 2019. Further, the company also participated in Data Gumbo\u2019s Series B funding in 2020.<\/p>\n

<\/span>Blockchain Use in Oil and Drilling Industry<\/strong><\/span><\/h2>\n

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.<\/p>\n

In December 2018, BTCManager <\/em>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.<\/p>\n

In similar news, BTCManager<\/em> 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.<\/p>\n

<\/span>Related posts:<\/span><\/h3>\n

Source: Read Full Article<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

Data Gumbo, a US-based firm that provides<\/p>\n","protected":false},"author":3,"featured_media":150555,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[51],"tags":[],"yoast_head":"\nBlockchain Startup Data Gumbo to Automate Oil Drilling Contracts for Equinor - Pre Coin News<\/title>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/precoinnews.com\/blockchain\/blockchain-startup-data-gumbo-to-automate-oil-drilling-contracts-for-equinor\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Blockchain Startup Data Gumbo to Automate Oil Drilling Contracts for Equinor - Pre Coin News\" \/>\n<meta property=\"og:description\" content=\"Data Gumbo, a US-based firm that provides\" \/>\n<meta property=\"og:url\" content=\"https:\/\/precoinnews.com\/blockchain\/blockchain-startup-data-gumbo-to-automate-oil-drilling-contracts-for-equinor\/\" \/>\n<meta property=\"og:site_name\" content=\"Pre Coin News\" \/>\n<meta property=\"article:published_time\" content=\"2022-01-25T21:53:17+00:00\" \/>\n<meta name=\"author\" content=\"mediabest\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:image\" content=\"https:\/\/precoinnews.com\/wp-content\/uploads\/2022\/01\/Blockchain-Startup-Data-Gumbo-to-Automate-Oil-Drilling-Contracts-for-Equinor-.jpg\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" \/>\n\t<meta name=\"twitter:data1\" content=\"mediabest\" \/>\n\t<meta name=\"twitter:label2\" content=\"Est. reading time\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/precoinnews.com\/blockchain\/blockchain-startup-data-gumbo-to-automate-oil-drilling-contracts-for-equinor\/\",\"url\":\"https:\/\/precoinnews.com\/blockchain\/blockchain-startup-data-gumbo-to-automate-oil-drilling-contracts-for-equinor\/\",\"name\":\"Blockchain Startup Data Gumbo to Automate Oil Drilling Contracts for Equinor - 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