Data Gumbo have made significant strides in blockchain implementation for the drilling industry. Data Gumbo’s cloud-based blocks are configurable which allows the consolidation of all relevant data into a single block. Each block represents a transaction or event that encapsulates a step along the tracking, planning and optimization of a well through each phase of its development. Data Gumbo’s blockchain is private, allowing only permissioned participants to hold a node – thus allowing for a simple yet profound level of security and control over which participants can see transactions.

At the core of the Data Gumbo platform is the smart contract, which enable networks of companies to share data and automate contract execution based on that data. Smart contracts execute now – removing expenses, duplication of effort and inefficiency, while increasing transparency and accuracy.

Data Gumbo has identified over fifty use cases that span all industrial businesses. Distributed ledgers combined with IoT data abd Smart Contracts will streamline and disrupt performance contracts, contract execution, document origin tracking, resource sharing, joint venture management and logistics.