Blockchain, Cryptocurrency, Oil Industry, IBM, KPMG, R3, Microsoft

Report: Blockchain Can Save 30% Margin In Oil Markets

Blockchain is undoubtedly a breath-taking innovation which everybody is trying to understand. Big business giants have already started to deploy it in their conventional systems while believing in a concept of early movers’ approach. New business streams from far and wide have started to flourish in the market and some existing establishments have already captured a large chunk of space in the IT sectors like IBM and KPMG, which started to offer various blockchain-related services to institutional players and banks. 

Recently, a new update has come out from the American blockchain-based startup Data Gumbo about the oil industry and how potentially blockchain can profit the global oil operators, by saving no less than 30%. On July 19, Bloomberg streamed a video that made during the “Bloomberg Commodities Edge” tv show segment. 

In an interview, Andrew Bruce, CEO of Data Gumbo talks with Bloomberg’s anchor Alix Steel about the capacity that blockchain possesses, and how well the technology can boost the profit margin in the oil industry by avoiding 30% cost in the existing infrastructure. Bruce mentioned that Data Gumbo internally researched about oil and gas market which has accounted for $2.6 trillion by 2017, and by deploying blockchain network to their platforms the multinational firms can save a huge margin on profit while employing services like blockchain-based contract execution instead of traditional paper contracts that Data Gumbo offers.

Earlier in May, Data Gumbo Corp. has reportedly encouraged with $6 million in a series-A equity funding round from global energy enterprises, that includes major players like Saudi Aramco’s venture arm Saudi Aramco Energy Ventures and Equinor’s venture subsidiary Equinor Technology Venture. 

Nevertheless, the technology is new but the results are massive and with high hopes, investors are expecting to have profitable improvements in oil and gas supply chain systems because blockchain can curb the reconciliation time and dispute issues that occur in non-automated transactions. 

According to Bruce, blockchain has the power to automate the contracts and execute the paper process efficiently while reducing the cost involved in existing energy industry systems.

A Houston-based technology company and a blockchain startup Data Gumbo is a “Blockchain-as-a-Service” (BaaS) firm facilitating oil and gas industry by constructing a blockchain network for them. With the current raise, Data Gumbo has gained total funding of $9.3 million.

Blockchain Startup By Apple’s Steve Wozniak

After understanding the new use cases certainly, the adoption of blockchain and the new digital money (cryptocurrency) is moving ahead and started getting a matured outlook from the existing players of the big tech giants. Reportedly, Apple’sco-founder, Steve Wozniak has also invested in a Malta-based blockchain empowered energy-saving firm Efforce, where the electronics engineer and a technology entrepreneur is co-founding the company, intending to save money on energy consumption and correspondingly take care of the environment with Jacopo Visetti, alongside. 

Collaboration Of KPMG, TOMIA, Microsoft & R3: Using Blockchain

KPMGone of the big four accounting organizations in its recent move started cooperating with TOMIA,Microsoftand R3 to create a near real-time settlement network for telecom companies.

What’s more on blockchain? Stay tuned with KoinPost for the latest updates on the burgeoning space.

Image by Clker-Free-Vector-Images from Pixabay

Tags: Blockchain New, Apple, Efforce, Steve Wozniak, Jacopo Visetti, Cryptocurrency, Data Gumbo, Andrew Bruce, IBM, KPMG, Mainstream Media, Bloomberg