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Data Gumbo Corp., a Houston-based technology company focused on streamlining smart contracts management for industrial customers through its Blockchain-as-a-Service (BaaS) platform, today announced a strategic implementation partnership with BBL Ventures(BBLV) and Grid Innovation Ventures (GIV), a BBLV Company. BBLV and GIV are venture, business strategy and implementation consulting companies with a leadership position as innovators and advisors in the application of blockchain technology in the energy and utility sectors. Data Gumbo has selected BBLV along with GIV to be its key strategic implementation partners for Data Gumbo’s BaaS platform.
“Data Gumbo is the undisputed leader in blockchain solutions for the energy industry,” said Jim Lawnin, managing partner of BBL Ventures. “BBLV is the innovation partner to the industry and we are thrilled to help drive this capability and value-add of the BaaS platform deep into businesses,” commented Andrew Bruce, CEO of Data Gumbo.
Data Gumbo has developed an extensive ecosystem of oil and gas industry participants, including the recent addition of a multinational energy company, who are adopting the platform. The overarching problem in this ecosystem is transactions arising from measurements are interpreted differently by companies, their service providers and their suppliers, whether weight, speed, height, connection, delivery time, volume, quality controls, or any of a number of other contract terms. The supply chain entities are currently losing hundreds of millions of dollars annually in extra expenses and delays due to these differing interpretations, the resulting disputes and the necessary reconciliations.
Data Gumbo eliminates interpretation differences with its BaaS network and smart contract technology which facilitates automated calculation, reconciliation and payment of invoice line items in near real time with total transparency. Among other benefits, this drives reconciliation time between supply chain counterparts down to zero. After eliminating disputes and enabling automated payment, the BaaS network records the result in an immutable record shared among all parties to the transaction.
As a result of increasing momentum for Data Gumbo’s BaaS solution, BBLV was identified as a partner uniquely equipped to deliver implementation and change management expertise. BBLV is the leader in driving innovation in the energy industry and has deep expertise in both the oil and gas and utilities sectors we as well as experienced change managers to assist in organizational adoption of innovative technologies. They are the ideal partner for Data Gumbo to accelerate the use of blockchain-based applications across the energy value chain. We are excited to welcome this new chapter in our relationship with BBLV and GIV.
“BBLV and GIV are leaders in blockchain technology,” said Jim Lawnin. “Our experience will help expand Data Gumbo’s solution footprint into industrial sectors where BaaS has such high applicability and will also help Data Gumbo secure its next round of funding.”
“As we continue to expand our blockchain network (GumboNet™) we are excited to partner with BBL Ventures to expand our delivery capabilities.” says Andrew Bruce.
About Data Gumbo
Data Gumbo is the Blockchain-as-a-Service (BaaS) company creating a massively interconnected blockchain network for industrial companies, including oil and gas. The company is headquartered in Houston, Texas, and Data Gumbo AS is a subsidiary with offices in Stavanger, Norway. The company was named Most Promising Energy and Clean Technology Company at the 16th Annual Energy & Clean Technology Venture Forum in 2018. For more information, visit www.datagumbo.com, and follow on LinkedIn, Twitter @DataGumbo, and Facebook.
About BBL Ventures
BBLV is a venture investing and energy consulting firm dedicated to being the innovation partner to the energy industry. BBLV combines capital funding with consultants that have deep energy business knowledge and cross-functional capabilities to deliver superior strategy, technology, and process solutions. The firm’s unique combination of industry focus, knowledge-based approach, and rapid, end-to-end solution deployment helps clients to achieve their business potential. For more information about BBLV, visit www.bblventures.com.
BBLV’s Grid Innovation Ventures provides energy entrepreneurs a structured program, seed capital and the critical expertise necessary to develop cutting-edge technologies for the Utility market. For more information about GIV, visit www.gridinnovation.co.
SOURCE BBL Ventures; Data Gumbo