Blockchain-startup Data Gumbo conducted a study, according to the results of which the use of blockchain-systems will help reduce the costs of oil companies worldwide by one third.
According to Data Gumbo, the volume of the oil and gas market was $ 2.6 trillion as of 2017. As the head of the startup Andrew Bruce told (Andrew Bruce), if you use the blockchain to automate the settlement of contracts for the sale of oil, you can save significant funds.
Earlier, Data Gumbo received an investment of $ 9.3 million from major energy companies from around the world, including the investment divisions of Equinor Technology and Saudi Aramco. Then it was reported that the funds received will be used to develop a system to optimize supply chains in the field of oil and gas production.
Previously, Allied Market Research published the results of a study, according to which, by 2025, the use of the blockchain in supply chains will exceed $ 9 billion, and the annual growth of the industry will be about 80%.