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Blockchain Will Help The Oil Company

A consortium of oil companies, including Exxon Mobil, Chevron and Royal Dutch Shell, intends to use Blockchain to manage the water used to extract oil from the Bakken oil fields in North Dakota.

The Offshore Operators Committee (OOC) Consortium of Oil & Gas Blockchain Consortium has awarded a contract to block Data Gumbo startups from pilot water treatment technology at the North Dakota oil fields.

According to the report, Data Gumbo will use the block chain to automate payments and implement the GumboNet platform to manage and synchronize wastewater data.

One member of the consortium, Norwegian state-owned Equinor, expects to save up to 25% of the costs of seawater disposal. 

EPA estimates that more than 2 billion gallons of liquid petroleum by-products are injected daily into the United States via approximately 180,000 active wells.

Data Gumbo focuses on the use of the block chain in the oil and gas industry, in particular to streamline payments and supply chain. 

In July, CEO Andrew Bruce told Bloomberg that improving these processes could save the industry 30% of its spending. The latest Reuters report paraphrases Bruce saying that technology can save $3.7 billion a year on the oil and gas business.