Data Gumbo Blog Opportunities for Smart Contracts in Fracking

There are several opportunities for the employment of smart contracts to provide efficiencies in fracking operations. Data Gumbo has deployed smart contracts for several of these use cases, and developed an approach for several more that remain conceptual. In general, smart contracts add value in these operations by rapidly calculating the invoices for commodity deliveries and haulage as well as for rental assets so that they can quickly be finalized for haulers, sand mines/ transload points, equipment providers and operators. Invoicing can generally run nightly or on other triggers such as end of pad, pad move, bi-monthly or monthly. This lowers the average time from service delivery to final approved invoice from 30-45 days down to 1-10 days, depending on the specific requirements. GumboNet will then provide a GumboNet CertifiedTM service entry sheet or invoice with attachments to buyer and seller ERP systems such as SAP or Oracle for final payment.