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.
By partnering with ADA, Data Gumbo now enters the geothermal energy industry and starts its first operations in Indonesia.
“Expansion into Southeast Asia with ADA’s deployment signals GumboNet’s global applicability and benefit to industry — in this case, geothermal energy development,” said Andrew Bruce, CEO and Founder of Data Gumbo.
Data Gumbo is active in the oil and gas sector and has previously signed deals to address inefficiencies between companies, suppliers, contractors, and other stakeholders. The company is backed by Saudi Aramco and Equinor, who participated in Series A funding round, which raised $6 million.
The startup enables a trusted source of data through GumboNet, using which counterparties are able to reduce reconciliation time and eliminate delays and disputes.
“By implementing GumboNet, we will gain greater transparency into our operations, and experience billing and invoicing execution at a monumentally faster rate,” said Diederik Zwager, CEO of Air Drilling Associates.
Previously, the OOC Oil & Gas Blockchain Consortium contracted Data Gumbo to trial GumboNet for water management in the Bakken shale field in North Dakota.