Blockchain and Real World Solutions for the Energy Industry

I recently had an interview with William Fox, Chief Product Officer ofData Gumbo, a Houston-based technology company that has developed GumboNet™, the only smart contract network of global industrial enterprises and their customers, suppliers and vendors that successfully incorporates real-time sensor level and field data to validate transactions. This Industrial smart contract network is powered and secured by blockchain.

Now many may wonder how blockchain and the energy industry intersect. Here is a great example of a private blockchain and IoT technology combining to lower the friction of transactions and increase the accuracy of reporting actions and logistics. This in turn allows invoice accuracy, verification and faster payments to vendors and or owners.


As all of you that have been in the crypto world for very long, you know of the conversation about Bitcoin being such an energy hog. There are so many conversations about energy usage and renewable energy and etc., etc., when it comes to mining Bitcoin. I would like to show you a company that has a hand in conserving energy, time and resources . All three of these have a lot to do with accumulating wealth.



Many of you from the oil and gas producing areas know what the Bakken Formation is all about. You would also recognise the Barnhart Shale, the Permian Basin or the Eagle-Ford formation. These all pertain to geologic formations that hold oil or gas, and many times both oil and gas will come from the same well.

This is energy in liquid or gaseous form. This is where we get the power for your home, and the liquid fuel for your car, and the diesel fuel for the truck that deliver your goods to Walmart and Kroger.


This is energy that we take for granted and many wish we would stop using it. But, wind and solar are not capable of replacing this energy that we demand. We demand it 24hrs a day and 7 days a week. Solar and wind do not operate on this schedule. Neither does hydro electric. Only nuclear power can claim this 24/7 availability.


Until alternative forms of affordable energy come to the market, we as a nation and a world community will continue to consume goods and services afforded to us via electricity. This electricity is produced in various ways, but one of the major forms of energy is oil and gas.


The conversation of energy conservation and husbanding resources has long been in my household. I had these conversations in the 60's when science told us the oil fields would run out of oil and gas by 1985. We would all have to find work elsewhere and there would be famine and pestilence. Then, the conversation started to turn to renewables, Later, in 1979 I started to investigate actual communities that were installing micro wind and solar generators in order to get off grid and still maintain a normal lifestyle.

My great uncle Jess, scouting for the next gusher.


Through the years, I have experimented with integrating autonomous controls to conserve electricity thereby saving time, money, and of course reducing energy consumption. Now, ten years after I sold my electrical contracting company, I found a group (Data Gumbo) that has successfully integrated private, permissioned blockchain with on-site sensors and the power of the Internet of Things, and brought it into real-time processing via the GumboNet network.

I for one am happy to see new and real applications of blockchain technology. Crypto enthusiasts, move over for supply chain logistics. Data Gumbo is presently deploying this exciting technology here in the States and overseas.

If this peaks your interest, I suggest you go to their website here and look around. Just looking at the website, you will see how easy it is to navigate and find tons of information. Current info and ease of use describes their great website and their company. They do what they say.

Energy efficiency improvements and a conversation for the new millennium. Data Gumbo. A real-world solution to conserving time, money and resources. Via blockchain.



How bout that Crypto Fans ? And you were told the blockchain is just for Bitcoin !



 


FNL content including, but not limited to, articles, podcasts, videos, live streams, and websites are intended for informational purposes and should NOT be considered financial, investment, tax, legal, nor trading advice. Cryptocurrency, futures, foreign currency and options trading contains substantial risk and is not for every investor. An investor could potentially lose all or more than the initial investment. Risk capital is money that can be lost without jeopardizing one’s financial security or lifestyle. Only risk capital should be used for trading and only those with sufficient risk capital should consider trading. Past performance is not necessarily indicative of future results. https://futuresnetworks.live/risk_disclaimer