In October, Data Gumbo became the first IADC-certified smart contract vendor. Through its GumboNet network, contract terms can be turned into lines of code across a private distributed ledger technology. Data from electronic drilling recorders and daily drilling reports can be fed into the network, triggering automated payments based on the terms of the contract.
In this interview with DC from the 2023 SPE/IADC International Drilling Conference on 8 March, Robin Macmillan, Chief Sales Officer at Data Gumbo, speaks about the potential value of smart contracts in the drilling industry. DC also speaks with Mike DuBose, Senior VP of International Development at IADC, about why IADC began certifying smart contract networks and how other companies can get involved.