IADC Certifies Data Gumbo Smart Contracts, Expanding Benefits
Data Gumbo promotes innovative technology to propel the industry forward.
Data Gumbo, the leading industrial smart contract solution provider, announced today that the International Association of Drilling Contractors (IADC) has certified its smart contract offering which aims to improve drilling industry performance by drastically reducing time spent on back-office administrative tasks—freeing more time for ensuring rigs are executing operations safely and efficiently.
Data Gumbo’s smart contract network, GumboNet™, provides an opportunity to extend the standardized contracts used today to automate contract agreements, get paid promptly, be rewarded for achievements, and have more time to focus on rig operations.
IADC is committed to providing a variety of resources to its members to support various aspects of their businesses,” stated Mike Dubose, VP – International Development for IADC. “GumboNetTM is the first smart contract solution certified by IADC, and we look forward to certifying additional smart contract solution providers to offer optionality for IADC members.”
Data Gumbo’s smart contracts, certified by IADC, automate the IADC daywork and turnkey contracts, used by industry today, into lines of code that execute the terms of the agreement across a private, permissioned distributed ledger technology. Electronic drilling recorders, daily drilling reports, and other industrial internet of things (IIoT) data feed into the smart contract system to trigger automated transactions based on the terms of the contract, making contract execution automated and simple. The contracts run nightly and any issues between drilling contractor and operator records are flagged for mutual resolution in real-time, rather than weeks or months later in the invoicing process.
“IADC is a global leader in advancing the drilling industry, and Data Gumbo has the opportunity to fundamentally improve how upstream companies do business through transparency, automation, and mutual trust via smart contracts,” commented William Fox, CEO at Data Gumbo. “We are pleased to offer the first smart contract solution certified by IADC, as we deliver next-generation technology to revolutionize the industry.”
With Data Gumbo’s platform, contractors and service providers can be rewarded for their investment in people, equipment, and technology—focusing more time on achieving results rather than administering invoices and resolving disputes.