In a recent interview with Bloomberg News, Data Gumbo CEO, Andrew Bruce discusses the need and adoption for the platform in the oil and gas industry.
He says “we are trying to make it into a blockchain utility right, so take it from being this big specialized installation saying that lets just make a utility and have it more as like a telephone network for, except it is blockchain.”
He explains how there are inefficiencies in contracts and why blockchain is a solution for trust, discrepancy and time sensitivity. Between two companies there is one contract that they agree to and sign. The problem comes after that agreement is finalized and now the information is put in to the two different systems, when it comes time to invoice one another that is when the discrepancies begin.
The estimated savings that an oil operator can save with blockchain technology can be up to 30%. Andrew continues to explain how this technology within the industry is changing overnight and that it is a challenge to keep up because everything is happening so fast.
Source: Bloomberg News