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 example did Andrew Bruce provide to illustrate the potential savings in the oil industry?

How does the integration of IoT with smart contracts and blockchain enhance the contract process?

What impact has the rapid change in the oil and gas industry had on the adoption of blockchain technology?