Blockchain in Oil & Gas Conference Wrap-Up
This week, Data Gumbo Founder and CEO, Andrew Bruce, presented at the 5th Annual Blockchain in Oil & Gas Conference hosted by the Energy Conference Network. The event was produced in partnership with the industry consortium group, Blockchain for Energy, and brought together an ecosystem of operators, service companies, industry stakeholders and other interested parties, affording attendees the opportunity to network, innovate and strategize around forging industry solution frameworks.
As the energy sector moves to leverage blockchain to reduce costs, streamline inefficiencies, improve timelines and eliminate disputes in any given process, technology -- including smart contracts -- is set to play a pivotal role; especially in today’s environment of compressed margins and fewer resources.
Instead of giving a formal presentation on the topic of smart contract and implementing blockchain in the enterprise space, Andrew held an open Q&A session with in-person and online audience members, offering an opportunity to address outstanding curiosities and field pertinent questions from industry participants.
Key takeaways of his session include the following:
- Companies don’t need to worry if blockchain works anymore -- over the last five years, the technology has been proven. Instead, the hardest part of implementation is change management. Since blockchain technology fundamentally changes everything, companies must be prepared to tackle process challenges to take advantage of the significant opportunity available.
- There are many ways of doing blockchain. One can start from scratch, build their own standalone blockchain but this is a resource-intensive undertaking. Additionally, once a company has its own blockchain to sustain, it must also convince counterparties to use its own system. In a business environment rife with distrust, this will always be an uphill battle. Another way is to subscribe to a network like GumboNet, as an existing solution. This approach is low-risk, affordable and quick. Data Gumbo’s smart contracts library delivers templates that can be used for a variety of use cases. Instead of reinventing the wheel at every turn, companies can get started in under ten minutes with a subscription. After all, the real value is the smart contracts, not in wasting time in figuring out how smart contracts work.
- There’s so much waste in business that is completely unnecessary. With deep roots in the oil and gas industry, Data Gumbo has figured out how to solve a complex, difficult problem that allows commercial relationships to capture lost value by removing transactional and informational friction.
Catch the replay of Andrew’s presentation next week online or reach out for further details on getting started with a subscription to GumboNet.