Technology Company Seeks to Bring Blockchain to Oilfields to Streamline Transactions
Data technology company Data Gumbo secured a new round of financing to support its efforts to bring blockchain transactions to the oilfield.
Though most are familiar with blockchain as it relates to cryptocurrencies like Bitcoin, blockchain is method of recording transactions where the record of those transactions are linked and logged in a peer-to-peer network. Because each transaction is recorded by each party to the transaction, at the time of the transaction, blockchain has the potential to eliminate disputes over product deliveries and payments.
Data Gumbo seeks to bring blockchain to transactions such as hydraulic fracturing, where meters can be used to measure pumped water. The transactions would be recorded automatically and the company can be paid based on terms coded into a blockchain smart contract.