Smart Contracts Eliminate Accruals and Deliver Transactional Certainty
STAVANGER, Norway–(BUSINESS WIRE)–Data Gumbo, provider of GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain — today announced that it enables real-time operational expenses (OPEX) visibility for energy operators and service providers across Europe. By using field operating data to digitally confirm that commercial terms of existing contracts have been satisfied, smart contracts trigger automated payments between commercial counterparties to deliver real-time visibility into contract spend.
“Energy operators and service providers are in need of information that can assist them in making difficult economic choices,” said Ove Sandve, Norway Country Manager at Data Gumbo. “GumboNet’s real-time OPEX capabilities unlock sustained digital visibility into financial health and management that can set up a company to tie field measurements to payments driving transactional certainty, improving cash flow, increasing value, and ultimately, attracting better investors.”
Managing production dynamics including labor, supervision and maintenance; chemicals and supplies; fuel, power and water; equipment rental and usage; among other services, requires considerable time and manpower. The current manual approach results in error-prone and resource-intensive paper invoices that contribute to hefty dispute and resolution processes in addition to administrative hassles.
Smart contracts provide visibility into real-time OPEX that opens the door for European energy companies to match contractual terms without human interface. Taking a typical 16+ step process down to three while ensuring transparency, accuracy and trust, GumboNet eradicates the need to rely on field estimates to book accruals and empowers operators and service providers with the financial visibility required to comprehensively digest variable production costs, as often as daily.
About Data Gumbo
Data Gumbo is a Houston-headquartered technology company that provides GumboNet™ — the massively interconnected industrial smart contract network secured and powered by blockchain. With integrated real-time capabilities that automate and execute smart contracts, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management and delivers provenance with unprecedented speed, accuracy, visibility and transparency. Beyond its Houston office, the company has subsidiary offices in Stavanger, Norway and in London, UK. To date, the company has received equity funding with 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 recognized as the Disruptive Innovator in the Forbes Energy Awards 2020 and was named to CB Insights Blockchain 50, among other awards. For more information, visit www.datagumbo.com or follow on LinkedIn, Twitter and Facebook.