Data Gumbo Blog

The Hidden Value of Smart Contracts: Measurability

Nov 2, 2020 1:27:40 PM / by Data Gumbo Team posted in Data Gumbo, Blockchain, Smart Contracts, Thought Leadership

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Most common flaws existing in natural language contracts are remnants of either older contracts that have since evolved or as contrary clauses in contracts that cover interrelated activities. When it comes to smart contracts, coding language requires events, rules and other business logic to be absolutely clear — and this requirement forces many companies to revisit their current contracts with fresh eyes for simplification and clarification.

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Blockchain to Reduce the Supply Chain’s Carbon Footprint

Oct 15, 2020 8:47:55 AM / by Andrew Bruce posted in Blockchain, Oil & Gas, Smart Contracts, Supply Chain

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Major oil & gas players have been announcing emissions cutting programs — BP publicly pledged to eliminate or offset all emissions by 2050 and five other large producers announced drastically new emissions targets — yet there is little to no information about how these companies intend to achieve their stated goals.

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Thriving in a Lower Forever Oil & Gas Environment

Oct 8, 2020 10:52:38 AM / by Data Gumbo Team posted in Data Gumbo, Blockchain, Oil & Gas, Smart Contracts

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Oil and gas companies are looking to implement technology to shore up core business processes and accommodate a multitude of consequences currently facing that the industry.

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Getting Rid of Invoice Engineering is Possible

Aug 12, 2020 8:33:55 AM / by Andrew Bruce posted in Blockchain, Oil & Gas, Smart Contracts

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Whether hot and dusty, freezing cold or perched over saltwater, a constant geolocationally-agnostic task at hand is that stack of paper tickets and invoices that proliferates across the desk of the ‘company man.’ With years spent in college and various training courses to responsibly manage the safe construction of productive wells, paperwork can feel a Sisyphean side chore — with two to three hours a day spent stamping tickets. In 2020, this waste of time — not to mention resources — is beyond undesirable and no longer necessary.

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Blockchain Supports Transparent Execution of Performance Contracts

Jul 14, 2020 9:30:00 AM / by Andrew Bruce posted in Data Gumbo, IADC, Blockchain, Drilling

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Drilling contractors often face an uphill battle when it comes to getting paid based on their daily drilling activities and reimbursable expenses. The average service delivery-to-payment process currently runs 60 days or more, leaving drilling contractors with elongated days sales outstanding (DSO).

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Blockchain Oilfield Pilot Delivers Huge Results to Impact Commodity Transport Performance

Jun 3, 2020 9:50:00 AM / by Data Gumbo Team posted in Data Gumbo, Blockchain, OOC

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Today, the Offshore Operators Committee (OOC) Oil & Gas Blockchain Consortium announced the results of its first blockchain oilfield pilot, which focused on water haulage in the Bakken field. 
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Blockchain's Year Ahead: A Brighter Future

Apr 28, 2020 3:00:43 AM / by Data Gumbo Team posted in Blockchain, Blog, Change Management, Thought Leadership

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Industry has long been easily excited about concepts from virtual and augmented reality (VR/AR) to autonomous vehicles, wearable technology to chatbots and drones, the list goes on. After innovations emerge, the pattern after much debut hype, is to go underground into pilot programs until the market achieves tangible validation.

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Oil & Gas Beyond the ‘Corona Crisis’: Predicting Industry Outcomes 

Apr 21, 2020 2:30:40 AM / by Data Gumbo Team posted in Blockchain, Blog, Oil & Gas, Smart Contracts, Thought Leadership

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The American oil market crashed below $0 a barrel this week; an unprecedented historical low. 

The “stage set for a ‘most uncertain’ future,” was already indicated by early earnings . With a precipitous 60% price drop since January , flatlining this week and even dipping into negatives , oil & gas companies across the board are cutting budgets , hunkering down and halting operations. 
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Why You Can’t Afford Not to Use Blockchain in Commodity Transportation

Apr 8, 2020 8:30:57 AM / by Data Gumbo Team posted in Blockchain, Blog, Transportation, Supply Chain

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Commodities production and transportation is a complex chain of events that involves multiple parties, volume measurements and transactions for each unit moved. In oil & gas, crude oil and its derivatives, water and other natural resources like sand and natural gas, are critical components to the production of energy. Each resource must be moved to and from the site of production, typically in poor conditions over risky or remote roads. In U.S. operations alone, the produced water market is worth an estimated $33.6 billion

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Know and Crush OPEX Using Blockchain

Apr 6, 2020 12:51:35 PM / by Data Gumbo Team posted in Blockchain, Blog, Oil & Gas, Opex

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More companies today are implementing blockchain technology to apply smart contracts across commodities transport to capture efficiencies and cost savings. By automating payments between the network of intermediaries necessary to move a commodity end-to-end from production, participants can increase access to free cash flow, a must in today’s market climate. 

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