Oil Giants Hire Blockchain Startup to Manage Water in Bakken Fields
Kollen Post's original article for cointelegraph.com reduced by 78%
A consortium of oil companies including Exxon Mobil, Chevron and Royal Dutch Shell looks to blockchain to manage water used in oil extraction in North Dakota's Bakken oil fields. Oil and waterAs Reuters reported on Sept. 10, the Offshore Operators Committee Oil & Gas Blockchain Consortium has awarded a contract to blockchain startup Data Gumbo to pilot water handling technology in North Dakota's oil fields.
The startupData Gumbo focuses on using blockchain within the oil and gas industry, particularly to streamline payments and supply chain. The more recent Reuters report paraphrases Bruce as saying that the technology could save $3.7 billion annually for the oil and gas water business. In August, Texas-based Antelope Water Management announced that the company would be using Data Gumbo's platform in its own sustainability-focused water services for oil and gas extractions.
The consortiumAs Cointelegraph reported at the beginning of March, the Oil and Gas Blockchain Consortium formed at the time, with the announced aim of exploring proofs of concept for blockchain technology within the industry. The consortium advertised itself as the first of its kind in U.S. oil production.
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