Wednesday, September 28, 2022

Why Saudi Aramco Blockchain Investment is Important

Saudi Aramco Blockchain

Aramco intends to use cutting-edge technologies to increase efficiency, safety, and sustainability, and its goal is to become the top digitalized energy firm in the world. The Saudi Aramco Blockchain investment intends to utilize the technology to reinvent and standardize business processes with the ultimate goal of boosting productivity and generating cost savings in several departments across the company.

Cybersecurity, data resilience, privacy, better data quality, and less fraud are all advantages of blockchain technology that can bring major benefits and optimize business across the board.

The four streams of Aramco’s holistic adoption strategy for blockchain technology are: build solutions, consume available sources, join consortiums, and invest in startups. In order to encourage and prepare its business partners for adopting the technology, Aramco is investing a sizeable amount of money in blockchain technology. In collaboration with IBM, Aramco launched its corporate blockchain platform, allowing Aramco to scale up its blockchain solutions.

Saudi Aramco Blockchain Investment

Saudi Aramco Energy Ventures sponsored a Series C financing round of 4 million USD for Data Gumbo, a developer of Blockchain-enabled smart contracts. The business is a division of Saudi Aramco. The round was also co-led by Equinor Technology Ventures, the venture arm of Equinor, the largest energy provider in Norway.

This funding round comes after a year of impressive growth for Data Gumbo, which has grown to over 180 enterprises participating in its smart contract network and introduced the first-ever Smart Contract Marketplace with forty smart contract templates ready to be deployed for immediate reduction in transactional friction.

“We have continued to lead the way in the adoption of smart contracts for industrial use,” said Chief Executive Officer of Data Gumbo, William Fox. “The partnership with Equinor and Saudi Aramco, and their associated supply chains and partnerships, will continue the momentum for the Data Gumbo’s smart contract network.”

Saudi Aramco Energy Ventures sponsored a Series C financing round of 4 million USD for Data Gumbo, a developer of Blockchain-enabled smart contracts. The business is a division of Saudi Aramco. The round was also co-led by Equinor Technology Ventures, the venture arm of Equinor, the largest energy provider in Norway.

This funding round comes after a year of impressive growth for Data Gumbo, which has grown to over 180 enterprises participating in its smart contract network and introduced the first-ever Smart Contract Marketplace with forty smart contract templates ready to be deployed for immediate reduction in transactional friction.

“While we started in energy, we already have value for bulk commodity haulage, trucking and shipping, with plans to parlay our momentum into other global industries,” Founder of Data Gumbo, Andrew Bruce explains. “Wherever two or more organizations share a contractual relationship that can be verified with a digital source of data, opportunities abound to realize efficiencies and cost savings utilizing our blockchain network.”

Senior Investment Director of Saudi Aramco Energy, Ventures Frank Andrasco asserted that “Distributed ledger technologies bring win-win efficiencies between industrial companies and their suppliers, and Data Gumbo is at the forefront of introducing this innovation,”. “While they have started in the energy sector, Data Gumbo’s platform has broad industrial applicability.”

This is Saudi Aramco Energy Ventures’ fourth investment in Data Gumbo, which just recently established headquarters there.

Examples of Saudi Aramco Blockchain Initiative

Every year, Aramco does a large number of background checks to confirm the degrees and credentials of new workers and contractors. Aramco deployed the Blockchain Certificate Verifier’s initial version since it is a labor-intensive operation. The Blockchain Certificate Verifier has reduced verification time for heavy equipment operator credentials by more than 90% since its introduction in June 2020 and established an effective and secure verification environment.

Aramco has taken use of its collaboration with the World Economic Forum to scale and pilot the World Economic Forum’s Blockchain deployment toolkit, making it one of the pioneering organizations in the area.

Blockchain platforms VAKT and Gateway have recently received funding from The Aramco Trading Company (ATC). VAKT is anticipated to contribute to the enhancement of post-trade procedures including contracts, all facets of logistics, invoicing information, and settlements. ATC is looking into using Gateway to increase productivity and lower the chance of fraud with Bill of Lading papers.


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