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GumboNet is the world's largest industrial block chain network, serving as a platform to host smart contracts for our customers. It includes a growing library of smart contracts.
About
Smart contracts are used to automate the billing and invoicing process between two companies. Consuming operational data, they identify trigger points for payments for goods and services, calculate the charges, and automatically generate the invoices. The invoice is automatically submitted to buyer's and seller's ERP systems for execution of payment. A Bridge to Transactional Certainty. GumboNet is the only smart contract network of global industrial enterprises and their customers, suppliers and vendors that successfully incorporates real-time sensor level and field data to validate transactions. Fast Time to Value. Available as a usage-based subscription service, customers can experience value quickly with internal- or single-sided smart contracts to get started and gain internal momentum. Rolling out GumboNet to your supply chain and/or other customers delivers more than 10% cost-savings within six months of receiving company data and implementing a smart contract between counterparties. The Power of the Network. It’s all about the network effect. Companies don’t need to design, stand up and sustain an implementation of a blockchain for smart contracts and then persuade all of their counterparties to use their system. This is akin to deciding that you want to ship products by rail, and then attempting to persuade all entities you want to do business with to use your own railroad system, rather than your competitor’s. Pulling specific data into an encrypted distributed ledger creates a verifiable third-party record that any transaction is accurate and certain. The end result is an innovative and modern process that creates touchless transactions and crushes waste in the process. GumboNet can upgrade legacy processes and deliver a modern approach that ensures transactional certainty to drive millions of dollars of improved performance.
Key Benefits
Reduce billing & invoicing man-hours cost through automation Reduce days sales outstanding through near instant invoice calculation and verification 100% accuracy of invoicing by removing human error Transactional certainty through, computer-code-level-literal, interpretation of the contractual terms Secure and reliable ESG metric reporting through immutable record keeping Auditing simplification and certainty through ready data access and immutability of the blockchain Fully secure transactions through encryption of each charge block Trust between counter-parties through immutable recording on blockchain and co-ownership of the data on the distributed ledger
Applications
Billing & invoicing process in any industry. Three broad categories of use case, including multiple versions, automating execution of a number of existing natural language contracts: 1. Water haulage (simple invoicing case). - The contract is to transport water between two sites via truck. - The truck arrives at the first site and is weighed on entry. It is filled with water which is metered and a tank level sensor also measures the quantity. It is weighed on exit as well. These three measurements must agree to within a certain tolerance. - At the disposal site the same set of measurements are taken when the water is unloaded into the temporary storage tanks. - All measurements are sent to Data Gumbo's cloud storage and the smart contract reads them. - When the smart contract detects a water transportation event, and agreement among measurements, the quantity measured is automatically charged. - Invoice processing and entry into both counter-parties' ERP systems is instant, leading to automatic payment. 2. Drilling services (complex invoicing case). - Multiple service lines can be measured using sensor and daily reporting data from drilling rigs. - The smart contract detects chargeable events, identifies the services being delivered, measures the quantity of each service, and charges accordingly. - ~150 use cases in a single drilling smart contract. - Invoice processing and entry into both counter-parties' ERP systems is instant, leading to automatic payment. 3. Provenance. - Blockchain stored data proving the sourcing down a company's supply chain. - At each hand-over point, evidence of the transaction is collected and stored on the distributed ledger in GumboNet. - Ensures material quality, sourcing requirements compliance, and any other provenance-related information. 4. ESG reporting. - ESG metrics are stored on the distributed ledger once measured. - Made available via GumboNetESG for regulator and investor inspection. - Scope 1 reporting today, down to scope 3 in the future once full supply chains are on the network. Implementaiton on any similar use case involves re-use of the smart contract code in our library. New use cases may require new smart contract code to be written by our developers. In either case, a rigorous contract analysis is conducted by our business analysts to ensure 100% compliance with the terms of the contract being automated, and a testing period is conducted prior to go-live where we compare the smart contract outputs with existing manual outputs over a pre-agreed period.