Data Gumbo Corp., a Houston-based technology company that has developed a blockchain-as-a-service (BaaS) platform to streamline smart contracts for oil and gas, said Aug. 15 that Antelope Water Management, the Austin-based company providing sustainable water solutions for the extractive industries in oil and gas, has adopted Data Gumbo’s blockchain network GumboNet.
This is the industry’s first use of a blockchain platform for total water management services in U.S. shale plays. Antelope will tap the power of GumboNet to provide customers and vendors across its water infrastructure, treatment, sourcing, and disposal services with real-time data transparency, and automation of contract executions and payments.
GumboNet insights allow all of Antelope’s customers and vendors in a transaction to be certain of immutable data and measurement accuracy for guaranteed and secure transactions. Antelope’s stakeholders and local regulators will benefit from the data certainty to lower overhead costs, reduce outstanding payments between parties, and ensure data certainty for all business transactions.
“As an integrated water management company in the Permian Basin providing tailored management services for water infrastructure, we look forward to incorporating Data Gumbo into each of our business units,” Dustin Brownlow, CEO of Antelope, said. “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.”
Antelope’s deployment moves Data Gumbo into the Permian Basin, the largest producing oil field in the world and into another sector of oil and gas—total water management. Antelope’s customers will for the first time be able to derive benefit from self-executing contracts on a secure blockchain platform catering to complex, 24-hr operations without the need for manual oversight.
“Data Gumbo was the first blockchain in offshore drilling and now we are the first in oil and gas water management. We anticipate continuing to break ground across the industry as companies realize the vast benefits we afford them such as security, certainty of data and, most of all, savings to the bottom line,” Andrew Bruce, CEO of Data Gumbo, said.
Data Gumbo’s executives have more than 200 years of oil and gas industry experience across midstream, drilling and completions operations. Built initially for oil and gas, but applicable to a multitude of industrial applications, GumboNet is offered by subscription and uniquely frees companies from building and sustaining stand-alone, in-house blockchain solutions. With an immutable and auditable record that enables counterparties to trust transactions, no party can unilaterally change details, all stakeholders have the same level of transparency and results, and payments can finally be automated for savings and efficiencies.
Greenfield projects like the Northeast gas pipe are too risky at the moment, the company says.
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David T. Merrill has been elected to serve as CEO and president of Unit Corp., which is engaged through its subsidiaries in E&P, contract drilling and gas gathering and processing.