Blockchain technology had many significant advantages like providing better security with online data storage. These benefits were recognized by many major organizations across the globe.
Main reason behind the American blockchain startup Data Gumbo Corp raising $6 million from real energy organizations was the increment in the adoption of the blockchain technology. The venture wing of Saudi Arabian national petroleum and natural gas company of Saudi Arabian Saudi Aramco came forward to make the official statement during the news associated with energy resources by Worldoil.
Blockchain had also gathered attention of many crypto fans through its benefits associated with secure storage by cryptography technique. In a Series A value financing round, Data Gumbo apparently raised $6 million from organizations, such as, Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, a Norwegian multinational energy operator. The latest investment raised the Data Gumbo’s complete subsidizing up to $9.3 million.
Gathered assets will be utilized for growing Data Gumbo’s business blockchain system and adding members to the organization’s sales, marketing and promoting groups. The financial specialists expect that Data Gumbo’s blockchain, at an administration stage must improve oil and gas supply chains by taking out queries and empowering mechanized installments too along with reconciliation times between production network partners.
Daniel Carter, Senior Investment Director at Saudi Aramco Energy Ventures, said,
“Distributed ledger technologies have the potential to bring win-win efficiencies between industrial companies and their suppliers.”
As of late, the Russian head administrator greeted an activity to utilize blockchain in official agreements by understandings the gas supplies by the nation’s state-possessed gas giant Gazprom. The blockchain-based organization apparently plans to permit information sharing between every single member of a specific contract, in order to improve sharing services in addition to safeguarding the information.
During the March session, seven oil and gas firms from across the globe, including American industry giants ExxonMobil and Chevron, cooperated to shape the Oil and Gas Blockchain Consortium. The activity expects to lead proof of concept that will help in investigating and applying the advantages of blockchain in a better manner.