Blockchain
Data Gumbo Commended by Frost & Sullivan for Automating Contract Execution in the Oil and Gas Industry with Its Blockchain-as-a-Service
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Based on its recent analysis of the North American smart contracts market for the oil and gas industry, Frost & Sullivan recognizes Data Gumbo Corporation (Data Gumbo) with the 2019 North America Technology Innovation Award. It developed a distributed ledger to serve as a consensus algorithm, with nodes based with each stakeholder to create a scalable and reliable model. The company offers its blockchain-as-a-service (BaaS) solution to a variety of industrial applications with complex contracting measurements that require a trusted data source. Data Gumbo designed its fully managed BaaS platform solution specifically for the oil and gas sector to coordinate the entire process of data acquisition, validation, and execution. It enables unprecedented levels of trust in the consensus data, aligns incentives across the board for maximum efficiency, and automates contract execution.
“Data Gumbo recognizes key performance indicators in a smart contract solution depending on the timelines and completion schedules important to operators, contractors, and suppliers. Its user interface helps asset managers and accounting departments monitor progress and spending without needing special IT training. The company’s database makes searching for records and transactions easy, without requiring custom coding,” said Clare Walker, Industry Principal at Frost & Sullivan. “The service hosts everything for users and provides private blockchains for viewing authorized transactions. As more operators, contracts, and suppliers become part of its blockchain network, Data Gumbo will make it easier for interconnected parties to work together with smart contracts.”
Data Gumbo built its blockchain network to direct smart contracts, generating trust among parties, and executing contract terms. In a single day, the company can begin testing inputs and variables in preparation for running a live contract. Once it goes live, the platform acquires and standardizes the incoming data into formats applicable to the algorithms and, according to completion of components, produces a block in the chain or distributed ledger. Each block distributes to each node on the participants’ systems, wherein each node analyzes the functions of the contract, and each compares the results. When all nodes agree and certify the legitimacy of the contract terms and fulfillment, the platform approves the results and executes payment automatically.
Data Gumbo has the first-mover advantage as a provider of BaaS in the oil and gas sector and has begun expanding the use cases of its blockchain smart contract solution across the value chain, in shipping and logistics, supply chain, and trading. The company has also partnered with an energy leader, the Carnrite Group, to bolster its offering and to scale implementation.
“Data Gumbo ensures that smart contracts on its BaaS solution safeguard trust and security, assuring oil and gas sector companies of essential transparency and data confidentiality,” noted Walker. “Its blockchain ledger ties directly into the originally built secure Internet of Things data platform, providing end-to-end security for the data entering the ledger blocks.”
Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.
Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.
SOURCE Frost & Sullivan
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Blockchain
Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin)
Blockchain technology continues to drive innovation across industries, reshaping finance, infrastructure, and philanthropy. Today’s news roundup explores exciting developments in blockchain ETFs, tokenization funding, quantum-resistant chips, public blockchain initiatives, and impactful social projects. Here’s a deep dive into the latest blockchain headlines:
BlackRock ETF Embraces Blockchain with First Muni Bond Purchase
BlackRock’s blockchain-focused ETF has made its first foray into municipal bonds, signaling increased confidence in integrating blockchain technology with traditional finance. The ETF’s strategic investment demonstrates how blockchain can enhance transparency and efficiency in bond markets.
By tokenizing municipal bonds, BlackRock aims to simplify trading and settlement processes while reducing associated costs. This development underscores the growing role of blockchain in transforming financial instruments and fostering greater market accessibility.
Source: Yahoo Finance
Plume Secures Funding for Tokenization Platform
Blockchain fintech company Plume has raised significant funding to advance its tokenization platform. The company’s innovative approach enables businesses to convert real-world assets into digital tokens, streamlining asset management and unlocking liquidity.
Tokenization is rapidly gaining traction as a game-changer in sectors such as real estate, art, and commodities. Plume’s success reflects a broader trend of investment in blockchain solutions that bridge the gap between traditional assets and decentralized technologies.
Source: Fortune
SEALSQ and Hedera Partner for Quantum-Resistant Blockchain Chips
SEALSQ and Hedera have announced a groundbreaking collaboration to develop quantum-resistant chips designed to secure blockchain infrastructure. These advanced chips will provide robust protection against future quantum computing threats, ensuring the integrity of blockchain networks.
As quantum computing capabilities evolve, safeguarding blockchain ecosystems becomes increasingly critical. This partnership highlights the importance of proactive measures in maintaining the resilience and trustworthiness of decentralized systems.
Source: The Quantum Insider
Deutsche Bank’s Public, Permissioned Blockchain Initiative
Deutsche Bank’s Layer 2 blockchain solution is set to go public and operate as a permissioned network, according to its tech partner. This initiative aims to strike a balance between accessibility and security, leveraging blockchain to streamline financial services and enhance operational efficiency.
The decision to adopt a public, permissioned model reflects a growing trend among enterprises seeking to harness the benefits of decentralization while maintaining control over sensitive data. Deutsche Bank’s approach could serve as a blueprint for other financial institutions exploring blockchain adoption.
Source: CoinDesk
KuCoin’s “Light Up Africa” Initiative Brings Hope to Thousands
Cryptocurrency exchange KuCoin has made a significant impact through its “Light Up Africa” donation ceremony in Ghana, benefiting 36,000 children across the continent. The initiative combines blockchain technology with philanthropy to address energy poverty and support education.
By leveraging blockchain for transparency in charitable contributions, KuCoin sets an example of how the crypto industry can drive meaningful social change. The project demonstrates the potential of blockchain to empower communities and foster sustainable development.
Source: PR Newswire
Industry Implications and Key Takeaways
Today’s developments highlight the transformative potential of blockchain across multiple domains:
- Integration with Traditional Finance: BlackRock’s ETF underscores the synergy between blockchain and established financial systems.
- Tokenization Trends: Plume’s funding success reflects the growing demand for digital asset solutions.
- Quantum-Resistant Technologies: SEALSQ and Hedera’s partnership addresses emerging cybersecurity challenges.
- Enterprise Blockchain Adoption: Deutsche Bank’s public, permissioned network showcases the adaptability of blockchain in financial services.
- Social Impact: KuCoin’s philanthropic efforts illustrate blockchain’s capacity to drive positive societal outcomes.
The post Blocks & Headlines: Today in Blockchain (BlackRock, Plume, SEALSQ, Hedera, Deutsche Bank, KuCoin) appeared first on News, Events, Advertising Options.
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