Data Gumbo Honored by Frost & Sullivan with Technology Innovation Award for Smart Contracts in Oil and Gas

  • Aug 08, 2019
  • Business Wire

HOUSTON--(BUSINESS WIRE)--Data Gumbo Corp., a Houston-based technology company that has developed a blockchain-as-a-service (BaaS) platform to streamline smart contracts management for industrial customers, today announced it received the Frost & Sullivan 2019 North America Technology Innovation Award in Smart Contracts for the Oil & Gas industry. Global industry research firm Frost & Sullivan recognizes Data Gumbo for its advancements in bringing unparalleled levels of accuracy and efficiency to the oil and gas industry supply chain based on its blockchain technology for smart contracts, generating trust among parties and accurately executing terms.

"Data Gumbo ensures that smart contracts on its BaaS solution safeguard trust and security, assuring oil and gas sector companies of essential transparency and data confidentiality," said Clare Walker, Industry Principal at Frost & Sullivan. "Its blockchain ledger ties directly into the originally built secure Internet of Things data platform, providing end-to-end security for the data entering the ledger blocks."

In the oil and gas market, minute changes can translate to millions of dollars in savings or spiraling budgets, and in the complex web of operators, contractors and service companies, each one’s incentives do not align to help another achieve maximum efficiency and cost. Into these gaps, Data Gumbo offers its smart contract BaaS solution to ensure a common source of trusted data and automated execution according to consensus-validated terms. Geared specifically for the business needs of the oil and gas sector, Data Gumbo’s fully managed platform coordinates the entire process of data acquisition, validation, and execution—offering stakeholders an industry first: trust in the consensus data, aligned incentives across the board for maximum efficiency, automatic contract execution, and resulting payments.

Customers realize savings of 5 to 10 percent off the top with Data Gumbo due to combined variables such as fewer disputed invoices, fast-pay discounts, and performance contracts, as well as automated calculation, reconciliation, and payment of invoice line items in near real time with total transparency—driving reconciliation time between supply chain counterparts down to zero with immutable records, among other benefits. Additionally, Data Gumbo offers a subscription model, freeing the industry from building and sustaining stand-alone, in-house blockchain solutions with their inherent lack of interoperability and neutrality.

“We’re pleased to be recognized as the cutting-edge solution to this massive problem in the oil and gas industry that costs parties up to hundreds of millions of dollars annually, and to look ahead at all the industrial markets to which we can serve with our blockchain network,” said Andrew Bruce, Chief Executive Officer of Data Gumbo. “As our momentum in the market and adoption by oil and gas companies continues, we will break new ground to improve the bottom line of companies of all sizes for making sweeping operational improvements.”

To read the Frost & Sullivan Best Practices in Technology Innovation Award report on Data Gumbo, visit “Smart Contracts for Oil & Gas.”

Data Gumbo is the blockchain-as-a-service (BaaS) company creating a massively interconnected blockchain network for industrial companies, including oil and gas. The company is headquartered in Houston, Texas, and Data Gumbo AS is a subsidiary with offices in Stavanger, Norway. In May 2019, Data Gumbo received a $6M Series A equity funding round co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. Data Gumbo was named Most Promising Energy and Clean Technology Company at the 16th Annual Energy & Clean Technology Venture Forum in 2018. For more information, visit www.datagumbo.com, and follow on LinkedIn, Twitter @DataGumbo, and Facebook.

Frost & Sullivan, the Growth Partnership Company, works in collaboration with clients to leverage visionary innovation that addresses the global challenges and related growth opportunities that will make or break today's market participants. For more than 50 years, we have been developing growth strategies for the global 1000, emerging businesses, the public sector and the investment community. Contact us: Start the discussion.