- Industry First Use Case of Blockchain-Based Smart Contracts in Global Contract Drilling, Capital Equipment Sales, Drilling Services, Repairs and Maintenance Services
- Data Gumbo Moves Into Another Segment of Oil & Gas Ripe for Digital Improvements
Data Gumbo, the trusted industrial blockchain network, today announced that HENDERSON, a leader in the sales and services for drilling rigs and capital equipment, has adopted Data Gumbo’s GumboNet™ for smart contract deployment with its contract drilling clients and equipment services ecosystem. This is the oil & gas industry’s first use of blockchain-based smart contracts between capital equipment sales, services, repair and maintenance operations, and signals a new avenue in oilfield services tapping the power of GumboNet.
“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,” said Dan Henderson, Founder and CEO of HENDERSON. “We’re excited about this engagement and rolling out the technology across our partner and customer base in 2021 and beyond, as well as joining a network that gives us access to a broader group of contractors.”
HENDERSON will use GumboNet smart contracts to create certainty in transactions from equipment services to commissioning and installation, mitigating financial and operations risk for both parties involved. Drilling contractors and service providers will also utilize digital confirmation of completed work and shipped goods for improved operational efficiency.
“HENDERSON is a perfect fit to leverage the benefits of our smart contracts across their business, and we look forward to helping create trust in transactions, capture value leakage for counterparties, and enable seamless business services,” said Andrew Bruce, CEO, Data Gumbo. “The network will enable their partners and customers to agree faster on terms, service more efficiently and reduce risk in transactions.”
GumboNet integrates specific transactional data with automated smart contracts powered by blockchain technology as a network of companies, customers, suppliers and vendors. By providing a single immutable record of truth, GumboNet synchronizes data across counterparties for transparency that frees up working capital, reduces contract leakage, enables real-time cash and financial management, and delivers provenance. Company, commodity and ticketing systems agnostic, Data Gumbo stores all data directly on its network with full auditable records for a modern process that creates touchless transactions and crushes transactional waste.