Petroleum operators may save at least 30% by employing blockchain according to the research based on data by blockchain startup Data Gumbo.
Bruce, who is the CEO of Data Gumbo claimed that such solutions could save at least 30%, speaking to internal studies by the company, when asked how much oil business players may save by executing blockchain applications like blockchain-based contract implementation instead of conventional paper contracts. Based on Data Gumbo’s data, gas and oil economy accounted for $2.6 billion by 2017. In May 2019, Data Gumbo raised $6 million from major international energy companies, such as Equinor’s partnership subsidiary Equinor Technology Venture and Saudi Aramco’s venture arm Saudi Aramco Energy Ventures. Having a total funding of around $9.3 million, investors expect the company to improve oil and gas supply chains by removing disputes and delivering automated transactions, as well as decreasing balancing times in the supply chain.
Andrew Bruce, CEO of American blockchain startup Info Gumbo, discussed blockchain-powered automatic contract implementation in the oil industry on Bloomberg Commodities Edge on July 19. On July 18, co-founder of American tech giant Apple Steve Wozniak has been reported to put money into Efforce, a brand new blockchain-enabled energy saving firm in Malta.
Formerly, it was reported that Philip Morris estimated its possible blockchain-powered savings into account for $20 million. Philip Morris’ worldwide leader of innovation stated that work and also the counterfeit risks wind up costing the business and governments $100 million annually.