It is easy to get caught up in media hype cycles exalting overnight fortunes resulting from crypto strategies (and plenty of accompanying scams). In fact, this realm is where most individuals encounter the term blockchain, just a skip away from Bitcoin or Ethereum. However, GumboNet uses no tokens or crypto-currency.
Blockchain, also known as a distributed ledger is its own distinct technology separate from crypto-currency. While it underpins many of the token, mining and crypto-crowd protocols and applications, at its simplest, blockchain can be defined as an append-only database for recording and sharing information. Here’s a bit more about how it works and why it's such a valuable form of technology, particularly to us at Data Gumbo.
Supplying Trust to Commercial Relationships and ESG reporting
As a major obstacle in commercial relationships, lack of trust contributes to informational and transactional drag resulting in cost inefficiencies. At Data Gumbo, our purpose-built industrial smart contract network is powered and secured by blockchain. It enables us to deliver transactional certainty to automate payments with characteristics tailored for our customers:
- Permissioned network: All nodes are tied to specific companies: We provide a level of ‘know your customer’ protection by vetting and signing service agreements with all companies or entities running corporate nodes on GumboNet.
- Flexibility: Companies can create as many or as few ledgers and contracts as needed for the job, and invite their partners and vendors to each ledger as required.
- Security: Our smart contracts use data to confirm the execution of contract terms. The encryption of IIoT data is carried into the blocks ensuring complete security of source data on top of the security derived from blockchain hashing algorithms.
- Privacy: Our customers invite their counterparties to collaborate on a smart contract. Counterparties to a contract can see the data in the blocks associated with their contracts, but no other company can see the data inside their blocks.
- No Crypto Wallets or Corporate Token Accounts: Corporations are used to managing permissions, users and roles for their corporate systems. GumboNet provides ‘know your customer’ access where each customer manages access and roles within their corporate blockchain. Since there are no tokens or crypto-currency required to run GumboNet, a corporation doesn’t need to worry about wallets or how to manage access and accounting for them.
- Neutrality: Data Gumbo is an independent company focused on expanding the network. We do not compete with any of our customers. Companies, industry groups and consortia can publish standard contracts for use by their members and others but no group of companies control Data Gumbo itself.
ESG Data Measurement Solution
The same data used in smart contracts can also be used to measure sustainability impact. As a neutral third-party, GumboNet reaches across data sources, silos and counterparty information in a supply chain, capturing and verifying real-world events and services as they unfold with a corroborated, auditable record. Available as a configurable blockchain-backed smart contract with GumboNet ESG, we use blockchain to produce an accurate picture of environmental impact.
In short, blockchain supports trust, transparency, accuracy and certainty, qualities that offer advantages and competitive differentiators to businesses looking to streamline operations today. Our smart contract network wouldn’t be possible without the benefits of blockchain, no crypto necessary — but can’t you just imagine Gumbo Bucks?