Austin-based Antelope Water Management has announced that it is going to start using a blockchain platform developed by Data Gumbo.
The announcement appeared in a press release on Aug. 15. Antelope Water Management is a company that develops sustainability-focused water services for oil and gas extractions, while Data Gumbo provides blockchain services for the oil and gas industry.
According to the release, Data Gumbo’s blockchain network, GumboNet, will provide Antelope’s customers and vendors with data transparency, automatic contract executions and payments. Antelope CEO Dustin Brownlow remarked:
“Data Gumbo is a game changer enabling us to provide customers, vendors and regulators the best experience that smart contracts can offer. We are excited to add transparency to our operations while removing needless expenses and duplications of efforts to eliminate incorrect data and DSOs through Data Gumbo’s blockchain for all stakeholders.”
Per the press release, Data Gumbo’s blockchain-as-a-service platform is specifically designed to run smart contracts in the oil and gas sector. The press release also notes that in May, Data Gumbo received $6 million in Series A equity funding. According to Cointelegraph’s report, Data Gumbo’s Series had $9.3 million in funding, following the investment round in May.
As previously reported by Cointelegraph, Data Gumbo CEO Andrew Bruce recently claimed that global oil operators could save a fortune in costs by opting into blockchain-based infrastructure. Bruce told Bloomberg that blockchain applications, such as for contract execution, could save companies 30% on their costs, as indicated by the company’s research. Moreover, their data showed that the oil and gas market was worth around $2.6 trillion by 2017.