Data Gumbo Corp , a technology company that developed a blockchain-as-a-service (BaaS) platform GumboNet to streamline smart contracts for the oil and gas industry, has announced that Murphy Global Logistics, a leading freight forwarder, as adopted the technology.
“We manage the most complex oil & gas shipping transactions in the industry, shuttling massive pieces of equipment to the world’s most remote places. Our cargo passes through multiple partners and treacherous shipping environments — a complex process rife with data coordination issues,” says David Johns, president of Murphy Global Logistics. “We can’t control ocean vessels or cargo planes, but we can control the unparalleled transparency and timeliness with which our clients will now receive shipment information with GumboNet.”
GumboNet will provide insight to Murphy and its clients around cargo shipments' journeys along global pickup and delivery points.
Currently, the company uses manual processes, such as spreadsheets, fax and phone. With GumboNet, each record of completion along a shipment is recorded accurately in a secure and immutable fashion. For supply chain counterparties, contracts are executed at each point along with an automatic invoice payment, yielding significant cost savings.
“There is much discontentment in the oil & gas industry with antiquated manual processes for handling complex transactions and business functions, and the opportunity for blockchain to benefit freight forwarding is immense,” said Andrew Bruce, CEO of Data Gumbo. “Reliability and traceability are key attributes to Murphy, and GumboNet will further their mission to clients and partners.”