geothermal

Data Gumbo Provides First Use of Blockchain in Geothermal Energy Drilling

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Data Gumbo Corp., the transactional blockchain network for tomorrow’s industrial leaders, has announced Air Drilling Associates (ADA), a leading provider of specialized drilling and project management services to the geothermal drilling industry, has adopted GumboNet™, the company’s massively interconnected blockchain network. ADA will tap GumboNet to automate execution and invoice payments of its integrated project management (IPM) contracts, including personnel, consumables and drilling tools. This is the first use of blockchain in geothermal energy drilling, and marks Data Gumbo’s entry into the Indonesian market.
Data Gumbo Provides First Use of Blockchain in Geothermal Energy Drilling
Courtesy of ADA

“Expansion into Southeast Asia with ADA’s deployment signals GumboNet’s global applicability and benefit to industry — in this case, geothermal energy development,” said Andrew Bruce, CEO and founder, Data Gumbo. “We are excited that Data Gumbo is entering yet another sector of the energy market for improvements across its supply chain.”

ADA is the IPM contractor for a major geothermal exploration drilling campaign on Java island for an international power company— part of Indonesia’s strategic endeavor to meet national electrical energy needs through infrastructure development. At the project site, GumboNet will verify and automate daily line item charges for the majority of vendors and more than a dozen subcontractors with whom they are interfacing. The result will be increased supply chain transparency, faster invoicing and reduction of days sales outstanding (DSO).

By providing a single immutable record of truth, GumboNet synchronizes data across parties for complete transparency that frees up customers’ working capital, reduces contract leakage, enables real-time cash and financial management, and delivers provenance. Company, commodity and data-gathering systems agnostic, Data Gumbo stores all data directly on its network with access to full auditable records.

“In geothermal energy, supply chain parties are sluggish to invoice and execute payments, remote operations exist all over the world, and it takes dozens of counterparties to get a well site up and running,” said Diederik Zwager, CEO, Air Drilling Associates. “By implementing GumboNet, we will gain greater transparency into our operations, and experience billing and invoicing execution at a monumentally faster rate. As an advisor in Data Gumbo, I am eager to implement the network at ADA to pass along the benefits to customers, vendors and suppliers.”

 

Tags: Geothermal
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