Oil & Gas Blockchain Consortium Awards First Blockchain Pilot To Data Gumbobr>
The OOC Oil & Gas Blockchain Consortium was founded to advance industry blockchain technology learnings for the purpose of defining industry frameworks and solutions enabled by blockchain technology. It was established under the not-for-profit organization Offshore Operators Committee and offers membership-based participation. Consortium members include Chevron Corp, ConocoPhillips, Exxon Mobil Corp, Equinor and Royal Dutch Shell, among others.
Data Gumbo is the Blockchain-as-a-Service (BaaS) company creating a massively interconnected blockchain network for industrial companies, including oil and gas. It recently raised $6 million in a Series A equity funding round co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator.
In a press releae, the consortium said that it has awarded a contract to Data Gumbo to pilot blockchain technology for water handling services in the Bakken shale field in North Dakota. The pilot will involve using Data Gumbo’s blockchain platform, called GumboNet, to automate payments, which are currently largely done manually and through third-party reporting which increases costs.
“This pilot with Data Gumbo is a significant step towards our goal of proving non-manned volume validations can trigger automated payments to vendors,” said Rebecca Hofmann, chairman of the OOC Oil & Gas Blockchain Consortium. “The consortium looks forward to leveraging learnings from this pilot, and establishing key blockchain frameworks and guidelines for the oil & gas industry, maximizing opportunities to reduce costs, increase timeliness and eliminate disputes.”
Data Gumbo’s platform synchronizes data across parties for complete transparency, enabling reduced disputes, decreases in fraud, lower administrative costs, improved safety and automated transactions. GumboNet insights allow all parties to share a single source of truth for guaranteed and secure transactions. Understaffed and overburdened local government regulators will also benefit from data certainty and transparency.
“Water haulage is a prelude to blockchain for all bulk commodity haulage, including sand, oil, natural gas and crude, and we look forward to alleviating the bottlenecks for prolific shale plays,” said Data Gumbo Chief Executive Andrew Bruce. “GumboNet is company and commodity agnostic, and is not just a solution for one company but all oil & gas companies.”