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Major Energy Companies Invest $6 Million in Blockchain Startup Data Gumbo

Major energy companies invest $6 million in blockchain startup data gumbo

Major Energy Companies Invest $6 Million in Blockchain Startup Data Gumbo

Major energy companies invest $6 million in blockchain startup data gumbo

The American blockchain startup Data Gumbo Corp. secured $6 million in its Series A funding. It was co-led by the venture arm of the largest petroleum and natural gas company Suadi Aramco, reported World Oil on May 8, 2019.

$9.3 Million Total Funding

Data Gumbo Corp. was founded by a former executive at National Oilwell Varco and MHWirth, Andrew Burce, after he realized how blockchain could potentially save the energy companies millions of dollar by improving its supply chain management. The startup now has a Blockchain-as-a-service (BaaS) platform that provides smart contracts management to its customers.

The startup’s Series A funding round saw participation from Saudi Aramco Energy Ventures and Equinor Technology Ventures, the venture wing of Norwegian multinational energy operator Equinor. It successfully raised $6 million, making the overall funding of the startup $9.3 million.

The startup expects the funding to help it expand its blockchain network and bring in more technical, sales and marketing professionals into its team.

Senior investment director of SAEV, Daniel Carter, told that “Data Gumbo is at the forefront” to bring the application of distributed ledger technologies and make the supply chain management for industrial companies and their suppliers more efficient.

Bruce, founder and CEO of Data Gumbo, is hopeful that their partnership with Equinor and Saudi Aramco and their associated supply chains will help their BaaS network “gain critical mass.” He now plans to lead the company to bring major disruption to the oil and gas industry by implementing blockchain for operational improvements.

Blockchain in Oil and Gas

Major oil companies have started testing the waters of the blockchain industry. As reported by BTCManager on January 17, 2019, the London-based oil trading platform VAKT signed up three major oil companies Chevron, Total and Reliance for using their oil trading platform. The company’s initiative is similar to that of Data Gumbo — reducing the cost involved in supply chain management.

In yet another development, VAKT was reported to have joined hands with multiple firms that carried out a majority of the trades in the North Sea. VAKT was the world’s first blockchain-based oil trading platform that was launched by leading oil and energy sector companies in November 2o18.

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Published at Thu, 09 May 2019 20:00:17 +0000

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The EU Is One Big Fatal Flaw

zerohedge.com / by Tyler Durden / Apr 1, 2017 6:00 PM

Authored by Raul Ilargi Meijer via The Automatic Earth blog,

The true face of the EU is presently on display in Greece, not in Germany or Holland or France. Brussels must first fix what’s going wrong in Athens and the Aegean, and there’s a lot going wrong, before it can move on towards the future, indeed towards any future at all. It has a very tough job in Italy as well, which it’s trying hard to ignore.

You can’t say ‘things are fine in Germany’ or ‘Finland is recovering’ and leave it at that. Not when you’re part of a political -and to a large degree also economic- Union, let alone when you’re preaching tightening -and deepening- that Union. Not when parts of that Union are not only doing much worse than others, but are being thoroughly gutted. Then again, they’re being gutted by the very Union itself, so Brussels -and Berlin, The Hague, Paris- can’t very well feign surprise or deny responsibility.

Of course the European continent needs a ‘body’, some form of organization -and it needs it badly- that will allow its nations to cooperate, in 1000 different ways and fields, but the EU is not it. The EU is toxic. It is turning nations against each other as we speak. So much so that it’s crucial for these nations to leave the union and dismantle the entire operation before that happens, because there will be no opportunity left to do it once the toxicity takes over. The UK should count itself lucky for getting out while it did.

In its present setting, the EU has no future. And, more importantly, there is no mechanism available to change that setting. It should have been insisted on when the Union was founded, or in one of its various treaties after. This never happened, though, and that’s no coincidence, it was always about power. It’s therefore very hard -if not impossible- to see how the EU could be altered in such a way that it has a chance of survival.

READ MORE

The post The EU Is One Big Fatal Flaw appeared first on Silver For The People.

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