Data Gumbo, a Houston-based blockchain startup, expands from oil to geothermal energy drilling in the Asian region. Their associates, Air Drilling Associates (ADA), adopted GumboNet blockchain network to automate execution and invoice payments of its integrated project management (IPM) contracts, including consumables, personnel and drilling tools.
This is a first case of implemented blockchain technology into geothermal drilling industry, which is a perfect start for the Data Gumbo on entering the Indonesian market. ADA is the IPM contractor for the main geothermal exploration drilling campaign on Java island. Thus, Indonesia tries to effectively meet national electrical energy needs through infrastructure development.
At the project website, GumboNet will l verify and automate daily line item charges for the majority of vendors and over a dozen subcontractors that collaborate with the company. The main aim of this project is increasing supply chain transparency, as well as speeding up the invoicing and reduction of days sales outstanding (DSO).
Andrew Bruce, CEO and Founder at Data Gumbo, believes that this powerful expansion to the Southeast Asian market together with ADA’s deployment demonstrates high effectiveness and relevance of GumboNet that can be applied in different spheres all over the world. The company has solid experience in oil and gas sector, providing blockchain-based solutions to improve effectiveness of business operation between contractors, companies, suppliers and stakeholders. They were initially supported by Saudi Aramco and Equinor that participated in the first funding round, after which the project received $6 million.