How it works
  • Participants in a smart contract determine the terms and KPIs needed to measure performance. Examples include on-time delivery of equipment, completion of certain activities on a job site or average drill pipe connection times.

  • Parties define the parameters of the KPIs. For example, what constitutes a complete delivery? How are the job site activities defined? What is the definition of a connection?

  • Parties agree on a source or sources of data that will serve as "truth" for the contract. This may include data in an ERP, entries on a daily report or other field data sources.

  • Data Gumbo's platform collects the required data, standardizes it for use by the smart contract algorithms, and executes the smart contract on a configurable schedule. This produces one 'block', or ledger entry. Each participant runs a node that performs all functions of the smart contract and distributed ledger, and all nodes compare results. If all agree, the results are approved and payment executes automatically.

  • All raw data, calculations and results are retained in the blockchain for future review and audit.

Copyright (c) 2019 DataGumbo Corporation. 

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