Data Gumbo, the trusted industrial blockchain network, has partnered with Atlas RFID, provider of the Jovix Material Readiness software solution on Oct. 19.
The collaboration brings automated, touchless transactions and unparalleled visibility to the heavy industrial construction sector for commercial contracts. Two joint implementations are currently underway with a national oil company (NOC): tracking hundreds-of-millions of dollars in chemicals and establishing provenance to curb counterfeits, losses and expirations; and also establishing provenance and life cycle management of the company’s steel pipe orders and assets.
“This partnership marks a big step forward in the digital automation and visibility of the industrial construction supply chain,” Andrew Bruce, CEO of Data Gumbo, said. “Right from the start, we are delivering massive value to a NOC who expects to significantly reduce material losses with a transparent, single source of truth on GumboNet with data supplied by Jovix. The savings will exceed millions per year for the NOC, and we look forward to furthering the digital revolution within construction and capital projects with the team at Atlas RFID.”
Data Gumbo will utilize Jovix’s validation data, a combination of web-based server software, mobile devices, and smart RFID tags and barcode labels, on GumboNet, the company’s massively interconnected industrial blockchain network. GumboNet digests terms from natural language contracts including payment terms, rates, modifiers, penalties and more, and translates real-world agreements into automated smart contracts thus eliminating administrative drag, contract fraud and operational inefficiencies.
“As our first blockchain partner, Data Gumbo opens up the world of smart contracts to our customer base and, subsequently, enables us to offer the vast benefits of commercial transaction automation to them,” Jon Chesser, chief revenue officer of Atlas RFID Solutions, said. “This partnership brings to market integrated technologies that enable truly touchless transactions across the construction supply chain.”
A Stratas Advisors analyst said closure of Enbridge Line 5 would cause a disruption of light crude oil supply to some of Eastern Canada.
The company launched a two-month open season to solicit bids for space on Aug. 2. It faces stiff opposition from many Canadian producers, who say the tolls are unfair and the changes will limit their access to markets.
Natural gas will be moved from Agua Dulce to NextDecade’s Brownsville LNG project.