Data Gumbo Media

2020 Automation & Data Technology Showcase

Jun 9, 2020 4:52:00 PM / by Data Gumbo Team

DG-Blockchain-in-OG_Hart-2-2-1-1This week, Hart Energy published its 2020 Automation & Data Technology Showcase, a special section highlighting the latest products and technologies for upstream oil and gas. 

Data Gumbo is delighted to be listed in good company with other technology leaders delivering benefits that improve production and enable more effective operating techniques.

The published excerpt on Data Gumbo is as follows:

Smart contracts on blockchain network for automated billing, invoicing and contract term executions

Modern contracts among vendors, suppliers, customers and companies are laborious, disjointed and involve hefty manual processes that produce significant transaction frictions — including late invoices and payments, disputes and reconciliations. But smart contracts solve these pain points.

Data Gumbo’s smart contracts exist on its blockchain network, capture performance metrics from the field, ensure contract obligations are fulfilled, then automate transactions based on pre-agreed terms. By providing a single immutable record of truth, Data Gumbo synchronizes data across counterparties for complete transparency that frees up working capital, reduces contract leakage, enables real-time cash and financial management, and delivers materials provenance. Company, commodity and data-gathering systems agnostic, Data Gumbo stores all data directly on its network with access to full auditable records.

For the full company write-ups included in the Automation & Data Technology Showcase, please visit the original article.

Topics: Blockchain, Oil & Gas, Hart Energy

Data Gumbo Team

Written by Data Gumbo Team