Andrew Bruce, CEO of American blockchain company Data Gumbo, spoke at about blockchain-based automatic order processing in the oil sector at Bloomberg Commodities Edge.
When questioned how much petroleum sector participants can save by employing blockchain-based order execution apps compared with conventional paper based contracts, Bruce claimed that such systems could result in at least 30% savings, pointing to the company’s in-house study.
In 2017, Data Gumbo valued the oil and gas industry at $2.6. In May 2019, Data Gumbo generated revenues of $6 million from prominent energy companies, including the enterprise subsidiary Equinor Technology Venture and Saudi Aramco Energy Ventures, venture arm of Saudi Aramco.
With a budget of $9.3 million, shareholders predict the firm to enhance supply chains for oil and gas by removing conflicts and establishing mechanized operations, and also decreasing issue resolving times within the supply chain.
Notably, two days back there were reports that US tech company Apple’s co-founder Steve Wozniak took a stake in Efforce, a blockchain based energy saving startup in Malta. It can be remembered that Philip Morris has forecast savings of $20 million through the implementation of blockchain-in its operations.
Global tech head of Philip Morris pointed out that lack of automation and related forgeries drive up costs by $100 million per year to the industry and government authorities.