Data Gumbo

Digital data startups face many hazards, from potential customers unwilling to share data to buyers who just do not see the payoff in what they are selling.

Industrial blockchain network Data Gumbo has facilitated real-time tracking of lease operating expenses for oil and gas operators by using validated field-operating data to trigger automated payments based on agreed terms.

A test showing that it’s possible to automate the billing process for produced water hauling has opened the door for tracking a wide range of field activities. The industry downturn brought on by COVID-19 has motivated big companies to test practical applications sooner.

A blockchain pilot program conducted by an oil and gas consortium has shown promise in automating payments for oilfield water handling.

Having blockchain on an oil rig means everyone on the job shares a view of a project from start to finish. This could facilitate innovations that cut costs, but organizational change is required.

Making money on drilling innovation requires finding a technology that solves a significant problem, executing a good plan, and getting out while still ahead.