ADA will deploy the blockchain solution to automate execution and invoice payments of its integrated project management (IPM) contracts
Air Drilling Associates (ADA), a drilling and project management services provider, has installed Data Gumbo’s GumboNet blockchain network for a geothermal exploration drilling project in Indonesia.
ADA, which provides drilling and project management services to the petroleum and geothermal industry, will use GumboNet to automate execution and invoice payments of its integrated project management (IPM) contracts along with personnel, consumables and drilling tools.
The project is marked as the first use of blockchain in geothermal energy drilling.
Data Gumbo CEO and founder Andrew Bruce said: “Expansion into Southeast Asia with ADA’s deployment signals GumboNet’s global applicability and benefit to industry — in this case, geothermal energy development.”
GumboNet to offer increased supply chain transparency
ADA is the IPM contractor for a geothermal exploration drilling campaign which is being carried on Java Island in Indonesia.
The firm will use GumboNet at the site to verify and automate transactions with the majority of vendors and over a dozen subcontractors. The deployment of GumboNet is expected to result in increased supply chain transparency, quick invoicing and reduction in day’s sales outstanding (DSO).
With integrated real-time capabilities that power smart contracts, GumboNet reduces contract leakage, frees up working capital, allows real-time cash and financial management and provides provenance with unprecedented speed, accuracy, visibility and transparency.
Air Drilling Associates CEO Diederik Zwager said: “In geothermal energy, supply chain parties are sluggish to invoice and execute payments, remote operations exist all over the world, and it takes dozens of counterparties to get a well site up and running.
“By implementing GumboNet, we will gain greater transparency into our operations, and experience billing and invoicing execution at a monumentally faster rate.
“As an advisor in Data Gumbo, I am eager to implement the network at ADA to pass along the benefits to customers, vendors and suppliers.”
In September last year, Murphy Global Logistics adopted Data Gumbo’s blockchain network GumboNet.