Austin-based Antelope Water Administration has introduced that it’ll begin utilizing a blockchain platform developed by Knowledge Gumbo.
The announcement appeared in a press release on Aug. 15. Antelope Water Administration is an organization that develops sustainability-focused water providers for oil and fuel extractions, whereas Knowledge Gumbo gives blockchain providers for the oil and fuel business.
In line with the discharge, Knowledge Gumbo’s blockchain community, GumboNet, will present Antelope’s clients and distributors with information transparency, computerized contract executions and funds. Antelope CEO Dustin Brownlow remarked:
“Knowledge Gumbo is a sport changer enabling us to offer clients, distributors and regulators the most effective expertise that sensible contracts can provide. We’re excited so as to add transparency to our operations whereas eradicating useless bills and duplications of efforts to remove incorrect information and DSOs by means of Knowledge Gumbo’s blockchain for all stakeholders.”
A startup with momentum
Per the press launch, Knowledge Gumbo’s blockchain-as-a-service platform is particularly designed to run sensible contracts within the oil and fuel sector. The press launch additionally notes that in Might, Knowledge Gumbo acquired $6 million in Sequence A fairness funding. In line with Cointelegraph’s report, Knowledge Gumbo’s Sequence had $9.three million in funding, following the funding spherical in Might.
As beforehand reported by Cointelegraph, Knowledge Gumbo CEO Andrew Bruce lately claimed that world oil operators might save a fortune in prices by opting into blockchain-based infrastructure. Bruce advised Bloomberg that blockchain functions, corresponding to for contract execution, might save corporations 30% on their prices, as indicated by the corporate’s analysis. Furthermore, their information confirmed that the oil and fuel market was value round $2.6 trillion by 2017.