The investment follows the digitalization effort within Equinor to streamline the contract execution in D&W and US Onshore
Data Gumbo’s Blockchain as a Service (BaaS) platform will enable the execution of contracts in near real time with full transparency of terms and inputs captured by the smart contract technology.
This will enable Equinor to have a visibility of cost and spend on each line item in the contract in addition to the overall visibility of the project. At the same time, the vendor will be able to receive payments in real time as the contract is executed. An example of this is automating drilling contracts. Data Gumbo will capture data from multiple sources, e.g. sensors on the rigs, and from different parties involved. If there in a consensus between the data, the contract is then automatically executed.
Data Gumbo’s vision is to develop a platform where third-party developers can build solutions on top of its core technology. The company is now expanding to oil and gas related industries including commodity haulage and plans to expand even beyond that into global industries.