US-based oil technology startup Data Gumbo recently announced that freight and shipping company Murphy Global Logistics has adopted its blockchain network GumboNet. Data Gumbo is backed by Saudi Aramco.
GumboNet will provide transparency in the logistics supply chain of Murphy and allow its clients to track shipments. For supply chain stakeholders, invoice generation and collecting payments is a cumbersome and lengthy process.
With GumboNet, contracts between supply chain counterparties will be executed with smart contracts, including automated payments. Currently, Murphy does all this manually with the help of spreadsheets and emails, which is prone to error.
“We manage the most complex oil and gas shipping transactions in the industry, shuttling massive pieces of equipment to the world’s most remote places. Our cargo passes through multiple partners and treacherous shipping environments — a complex process rife with data coordination issues,” said David Johns, President of Murphy Global Logistics.
Meanwhile, for GumboNet, by entering the shipping space, it is expanding its offering to oil and gas clients. These include Saudi Aramco and Equinor, which invested in Data Gumbo’s Series A.
“There is much discontentment in the oil and gas industry with antiquated manual processes for handling complex transactions and business functions, and the opportunity for blockchain to benefit freight forwarding is immense,” said Andrew Bruce, CEO of Data Gumbo.
Last month, fracking water solutions provider Antelope Water Management announced it was implementing GumboNet for its operations in the Permian Basin. Many of the large oil companies have joined a consortium the Offshore Operators Committee or OOC blockchain.