Today Saudi Aramco-backed blockchain firm Data Gumbo announced capital drilling equipment supplier HENDERSON has adopted its industrial blockchain network, GumboNet. HENDERSON will use the platform’s smart contract technology for its drilling clients and equipment services in the oil and gas sector.
Data Gumbo has gradually expanded its offering across different oil and gas industry aspects, from water management in fracking to geothermal drilling and transport. Now it includes equipment.
The blockchain network will enable drilling contractors and other parties to confirm finished work and shipped goods. Given the data is shared via the GumboNet blockchain that provides increased transparency and certainty.
“The network will enable their partners and customers to agree faster on terms, service more efficiently, and reduce risk in transactions,” claimed Data Gumbo CEO, Andrew Bruce.
HENDERSON CEO and Founder, Dan Henderson, said. “We sought out Data Gumbo based on the transparency, accuracy, efficiency and trust that their network will bring to our business’s ecosystem of sales, services and technicians across drilling.” The company plans to roll out the solution in 2021.
DataGumbo has increasingly expanded its reach into multiple aspects of the oil and gas sector and beyond into other industries such as construction.
In September last year, Data Gumbo announced the oil sector freight and shipping firm Murphy Global Logistics adopted Gumbo Net. This March, DataGumbo announced that Air Drilling Associates (ADA) joined GumboNet, which introduced the firm to the geothermal energy market, starting its first operations in Indonesia.
Three months later, OOC Oil & Gas Blockchain Consortium said it completed a blockchain pilot with Data Gumbo for automating water management in North Dakota. The trial successfully reduced process workflow from 90-120 days to less than a week.
In the same month, DataGumbo announced a partnership with PrairieDog Venture Partners in the construction sector to streamlining capital projects through smart contracts.