Data Gumbo CEO Uses Blockchain to Rid Energy Industry of the ‘Paper Process’

The video discusses the transformative role of blockchain in the oil industry, focusing on platforms like Vacht, Congo, and Data Gumbo. These platforms aim to streamline transactions, enhance trust, and reduce inefficiencies. Data Gumbo, led by CEO Andrew Bruce, is highlighted for its innovative approach to using blockchain for contract management, supported by significant funding from Saudi Aramco and Equinor. The discussion covers the potential savings and rapid industry changes driven by blockchain technology.

What is the primary goal of blockchain platforms like Vacht and Congo in the oil industry?

• To increase paperwork

• To enhance inefficiencies

• To complicate transactions

• To reduce operational risks and eliminate fraud

How does Data Gumbo aim to build trust in contracts between oil drillers and companies?

• By implementing blockchain for contract rules and monitoring

• By using traditional paper contracts

• By increasing skepticism in the market

• By avoiding technology

What was a major challenge faced by a super major and drilling contractor regarding KPIs?

• Excessive trust between parties

• Lack of drilling equipment

• Over-reliance on blockchain

• Trust issues in performance contract payments

What analogy does Andrew Bruce use to describe the blockchain network?

• A traditional phone book

• A specialized installation

• A telephone network

• A paper ledger

What is the expected percentage of savings for oil operators using blockchain for contracts?

• 40%

• 30%

• 20%

• 10%

How quickly is the conversation in the oil industry changing regarding blockchain?

• Very slowly

• At a moderate pace

• Incredibly quickly

• Not changing at all

What is a key factor for the success of blockchain networks according to Andrew Bruce?

• Momentum and network expansion

• Lack of collaboration

• Reducing the number of users

• Isolation from other networks