Data Gumbo, provider of GumboNet, an industrial smart contract network secured and powered by blockchain, has completed a successful pilot to automate production chemical delivery with a Texas-based hydrocarbon exploration company and a multinational chemical company.
The results of capturing and leveraging chemical data at various points along the path of delivery included the elimination of transactional inefficiencies, decreased costs of doing business such as manual administrative burdens, and real-time lease operating expense (LOE) visibility into cash flow.
The project, which occurred at approximately 200 locations, included the delivery of several chemicals and services in a 30-day period. As demonstrated by the project, full implementation will result in scalable benefits including:
- 95% fewer ticket touches eliminating human approvals
- Reduction of service-to-approved-invoice times from an average of 72 days to two
- Overall reduction of disputes and the accelerated ability for same-day dispute resolution
This Data Gumbo implementation shows that smart contracts backed by an immutable blockchain record can comprehensively and autonomously match invoices using Internet of Things (IoT) and SCADA data, then integrate directly into leading ERP systems.
“Real-time LOE is an imperative for oil and gas companies,” said Andrew Bruce, CEO of Data Gumbo. “The project’s successful implementation demonstrates that real-time LOE is a realistic business expectation that enables a company to know their financial position at all times using real data.”
For more information visit: www.datagumbo.com