In order to improve the blockchain sector, the Houston technology company Data Gumbo has established a system to align the smart contracts by using blockchain technology. To materialize this plan the company has raised six million dollars ($6mn) so far.
Data Gumbo was established by Bruce with the aim to use the blockchain solution and incorporating advanced ledger technology to make contracts and to run a company cost-effectively.
This plan will be completed by the collaboration of the energy venture companies of Saudi Arabia and Norway. The investment in the company will be used to enhance the blockchain network and also to make sales, marketing and technical segments of the industry streamline.
The CEO of the Data Gumbo has expressed that the blockchain technology can be applied to fulfill different purposes. It was effectively used for drilling mechanism and also the many industries have successfully used this technology.
Now, the oil and gas companies are also looking at this technology with interest. It helps in effective collaboration with other companies as the Data Gumbo has made its partnership with Saudi and Norway companies. The digital exchange of data is fast and more cost-effective as compared to traditional technology.
The underlying problem in making contracts and partnership with other companies is that every company has a different understanding of data. Every company carries out all the operation based on its own SOPs that can make confusion for other companies.
Data Gumbo has given the idea of smart contracts and ledger network that can easily streamline all the operations and omit these differences. The chances of miscalculations and fraud can also be tackled.