North Sea Oil Field

Celebrating Forbes’ Spotlight on Data Gumbo

It’s been a big week at Data Gumbo and it’s only Wednesday! We are so proud to be featured in a Forbes profile by Senior Editor Chris Helman called “How Blockchain Is Helping Big Oil Optimize for a Carbon-Friendly Future,” which previews our ESG measurement capabilities on tap to bring accuracy and certainty to a company's ESG scoring. More on this soon!  

Key highlights from the Forbes story include:

“At Equinor’s giant new North Sea oil field, thousands of sensors feed into Data Gumbo’s novel blockchain platform — encoding an immutable record of operations, the better to automate contracts, pay vendors, and (in the not too distant future) even measure carbon emissions....”

“...There are even broader implications here — for what is shaping up to be the grand transition to lower-carbon energy sources. It’s just a matter of time before all sorts of industrial companies are using blockchain networks to monitor and tabulate their carbon emissions. “If you’re measuring the utilization of machines in the field, and know their efficiency and fuel usage, you should be able to provide a carbon footprint,” says Bruce, who is already working with the Sustainability Accounting Standards Board on a program to certify all-important ESG scores (environmental, social and governance) based on data they already collect. “Blockchain is the best source of very real, clean data. It’s not based on estimates, it’s based on fact, because everyone is paying bills off of it. So you can deliver an ESG score to investors with certainty,” he says.

Forbes Blockchain 50 

As well, two of Data Gumbo’s investors — Saudi Aramco and Equinor — were named to the Forbes Blockchain 50 list spotlighting their innovative investments and applications of the technology. This is the third annual feature of companies that have revenue or a valuation of at least $1 billion employing distributed ledger technology. A powerful list indeed!

Saudi Aramco was noted for its investment in Data Gumbo “to integrate thousands of sensors at oilfields and refineries, the better to verify asset performance and reconcile smart contracts with Aramco’s vendors,” while Equinor’s venture arm was reported to have put 10 oil and wind power projects on the blockchain, including Data Gumbo, in its new megafield in the North Sea.

Forbes Technology Council Welcomes Our Founder and CEO Andrew Bruce

And the icing on the cake, Andrew Bruce, Founder and CEO of Data Gumbo, was selected to join the invitation-only Forbes Technology Council based on his depth and diversity of experience. Under his leadership, Data Gumbo has been recognized as an award-winning disruptive innovator, noted in the Forbes 2020 Energy Awards, with customers around the world. As a member of the Council, Andrew will be publishing his expert insights in original business articles online at Forbes. 

“We are honored to welcome Andrew into the community,” said Scott Gerber, founder of Forbes Councils, the collective that includes Forbes Technology Council. “Our mission with Forbes Councils is to bring together proven leaders from every industry, creating a curated, social capital-driven network that helps every member grow professionally and make an even greater impact on the business world.”

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