- Data Gumbo strives to be the largest smart contract network globally and to change the way the world does business
- Amid the pandemic and oil price crash, Data Gumbo achieved numerous milestones as a recognized leader, including a robust sales pipeline and customer base, doubling the size of the company, and adding several partnerships
- Data Gumbo’s blockchain network, GumboNet, automates the execution of smart contracts for industrial enterprises, resulting in increased speed, accuracy, transparency, visibility, security, massive cost-savings, the removal of inefficiencies, and trust
About Data Gumbo
Data Gumbo started out as a data platform that connected to collected and standardized operational data to enable machine learning, AI, and condition-based maintenance systems. The company transitioned to utilizing blockchain after spotting an opportunity to eliminate a sizable cost inefficiency between an oil supermajor and one of its suppliers. With integrated real-time capabilities, GumboNet reduces contract leakage, frees up working capital, enables real-time cash and financial management, and delivers provenance unprecedented speed, accuracy, visibility, and transparency, as well as automated and accurate ESG standards measurement and reporting.
Data Gumbo was founded by entrepreneur and energy executive Andrew Bruce in 2016 and set out to build a solution to unify operational field data with automated smart contracts, resulting in GumboNet, the massively interconnected industrial smart contract network powered by blockchain that delivers transactional certainty in commercial relationships.
Since 2020, Data Gumbo has experienced a rocket-like trajectory as adoption and business use cases have become evident to the most critical of global heavy-asset industries - especially as they navigate the crises of the past year. Data Gumbo is a broadly recognized innovator, as noted in the Forbes 2020 Energy Awards as the “Disruptive Innovator” and in being named to CB Insights Blockchain 50.
Amid the pandemic and oil price crash, Data Gumbo achieved numerous milestones as a recognized leader, including a robust sales pipeline and customer base, doubling the size of the company, and adding several partnerships. Now Data Gumbo is being adopted at a fast clip - one indicator of recognition that its innovation is not only disruptive but critical to enable monetary and operational survival for coming out of crisis.
The antithesis of token-hyped, public blockchains, Data Gumbo offers a purpose-built, private and permissioned blockchain network called GumboNet that enables and automates the execution of smart contracts for industrial enterprises. By transforming existing natural language contracts to “smart” digital contracts, the network creates validated, auditable, and immutable records delivering trust and value to counterparties.
Available as a subscription, GumboNet frees users from excessive IT spend and the hefty administrative burdens required to build their own solution. Business outcomes include speed, accuracy, transparency, visibility, security, massive cost-savings, the removal of inefficiencies, and finally, trust. For example, service providers get paid for exactly what is delivered, and buyers pay only for what is measurably delivered; payment automation takes a typical 90-day invoice process down to as little as two days.
GumboNet’s key differentiators include the capability for subscribers to create, configure, negotiate, and manage smart contracts that work in tandem with natural language contracts. The network is a purpose-built private, permissioned blockchain with no cryptocurrency, tokens, or mining. It operates as a single network of ledgers rather than non-interoperable point solutions, can restore massive data sets for complete visibility and audibility, integrate with existing legacy or IoT data sources, and guarantees interoperability with other subscribers.
Blockchain delivers the ability to know and lower a subscriber’s cost, and GumboNet offers a path to navigate previously convoluted and resource-intensive issues around trust, accuracy, and the ability to verify data in the field.
Data Gumbo won two Gold Stevie Awards for Company / Organization Categories - Most Innovative Company of the Year - Up to 100 Employees and for New Product & Service Categories - Business Technology - Blockchain Solution in The 2021 American Business Awards®.
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