Today, Houston-based blockchain startup Data Gumbo announced that Air Drilling Associates (ADA) adopted the GumboNet blockchain. ADA provides drilling and project management services to the petroleum and geothermal industry and will use GumboNet to automate execution and invoice payments of its integrated project management (IPM) contracts.
GumboNet is a subscription-based blockchain-as-a-service platform and provides real-time data transparency and automation of contract execution and payments. The goal is to eliminate the use of spreadsheets, emails, and other paperwork and streamline contract operations.
ADA is the project manager for a significant geothermal exploration drilling campaign on Java island in Indonesia. The company will use GumboNet at the site to verify and automate transactions with vendors and subcontractors. ADA expects to increase supply chain transparency, expedite payments and reduce days sales outstanding.
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