Data Gumbo Commended by Frost & Sullivan for Automating Contract Execution in the Oil and Gas Industry with Its Baas
Based on its recent analysis of the North American smart contracts market for the oil and gas industry, Frost & Sullivan recognizes Data Gumbo Corporation (Data Gumbo) with the 2019 North America Technology Innovation Award. It developed a distributed ledger to serve as a consensus algorithm, with nodes based with each stakeholder to create a scalable and reliable model. The company offers its blockchain-as-a-service (BaaS) solution to a variety of industrial applications with complex contracting measurements that require a trusted data source. Data Gumbo designed its fully managed BaaS platform solution specifically for the oil and gas sector to coordinate the entire process of data acquisition, validation, and execution. It enables unprecedented levels of trust in the consensus data, aligns incentives across the board for maximum efficiency, and automates contract execution.
“Data Gumbo recognizes key performance indicators in a smart contract solution depending on the timelines and completion schedules important to operators, contractors, and suppliers. Its user interface helps asset managers and accounting departments monitor progress and spending without needing special IT training. The company’s database makes searching for records and transactions easy, without requiring custom coding,” said Clare Walker, Industry Principal at Frost & Sullivan. “The service hosts everything for users and provides private blockchains for viewing authorized transactions. As more operators, contracts, and suppliers become part of its blockchain network, Data Gumbo will make it easier for interconnected parties to work together with smart contracts.”
Data Gumbo built its blockchain network to direct smart contracts, generating trust among parties, and executing contract terms. In a single day, the company can begin testing inputs and variables in preparation for running a live contract. Once it goes live, the platform acquires and standardizes the incoming data into formats applicable to the algorithms and, according to completion of components, produces a block in the chain or distributed ledger. Each block distributes to each node on the participants’ systems, wherein each node analyzes the functions of the contract, and each compares the results. When all nodes agree and certify the legitimacy of the contract terms and fulfillment, the platform approves the results and executes payment automatically.
Data Gumbo has the first-mover advantage as a provider of BaaS in the oil and gas sector and has begun expanding the use cases of its blockchain smart contract solution across the value chain, in shipping and logistics, supply chain, and trading. The company has also partnered with an energy leader, the Carnrite Group, to bolster its offering and to scale implementation.
“Data Gumbo ensures that smart contracts on its BaaS solution safeguard trust and security, assuring oil and gas sector companies of essential transparency and data confidentiality,” noted Walker. “Its blockchain ledger ties directly into the originally built secure Internet of Things data platform, providing end-to-end security for the data entering the ledger blocks.”
Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.