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Data Gumbo Commended by Frost & Sullivan for Automating Contract Execution in the Oil and Gas Industry with Its Blockchain-as-a-Service

Vlad Poptamas

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Based on its recent analysis of the North American smart contracts market for the oil and gas industry, Frost & Sullivan recognizes Data Gumbo Corporation (Data Gumbo) with the 2019 North America Technology Innovation Award. It developed a distributed ledger to serve as a consensus algorithm, with nodes based with each stakeholder to create a scalable and reliable model. The company offers its blockchain-as-a-service (BaaS) solution to a variety of industrial applications with complex contracting measurements that require a trusted data source. Data Gumbo designed its fully managed BaaS platform solution specifically for the oil and gas sector to coordinate the entire process of data acquisition, validation, and execution. It enables unprecedented levels of trust in the consensus data, aligns incentives across the board for maximum efficiency, and automates contract execution.

“Data Gumbo recognizes key performance indicators in a smart contract solution depending on the timelines and completion schedules important to operators, contractors, and suppliers. Its user interface helps asset managers and accounting departments monitor progress and spending without needing special IT training. The company’s database makes searching for records and transactions easy, without requiring custom coding,” said Clare Walker, Industry Principal at Frost & Sullivan. “The service hosts everything for users and provides private blockchains for viewing authorized transactions. As more operators, contracts, and suppliers become part of its blockchain network, Data Gumbo will make it easier for interconnected parties to work together with smart contracts.”

Data Gumbo built its blockchain network to direct smart contracts, generating trust among parties, and executing contract terms. In a single day, the company can begin testing inputs and variables in preparation for running a live contract. Once it goes live, the platform acquires and standardizes the incoming data into formats applicable to the algorithms and, according to completion of components, produces a block in the chain or distributed ledger. Each block distributes to each node on the participants’ systems, wherein each node analyzes the functions of the contract, and each compares the results. When all nodes agree and certify the legitimacy of the contract terms and fulfillment, the platform approves the results and executes payment automatically.

Data Gumbo has the first-mover advantage as a provider of BaaS in the oil and gas sector and has begun expanding the use cases of its blockchain smart contract solution across the value chain, in shipping and logistics, supply chain, and trading. The company has also partnered with an energy leader, the Carnrite Group, to bolster its offering and to scale implementation.

“Data Gumbo ensures that smart contracts on its BaaS solution safeguard trust and security, assuring oil and gas sector companies of essential transparency and data confidentiality,” noted Walker. “Its blockchain ledger ties directly into the originally built secure Internet of Things data platform, providing end-to-end security for the data entering the ledger blocks.”

Each year, Frost & Sullivan presents this award to the company that develops a product with innovative features and functionality that is gaining rapid acceptance in the market. The award recognizes the quality of the solution and the customer value enhancements it enables.

Frost & Sullivan Best Practices awards recognize companies in a variety of regional and global markets for demonstrating outstanding achievement and superior performance in areas such as leadership, technological innovation, customer service, and strategic product development. Industry analysts compare market participants and measure performance through in-depth interviews, analysis, and extensive secondary research to identify best practices in the industry.

 

SOURCE Frost & Sullivan

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Blockchain

Chainalysis Launches First Actionable Real-Time Alerts for Suspicious Transactions Across 15 Cryptocurrencies

Alexandru Marginean

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Chainalysis, the blockchain analysis company, today announced the launch of suspicious cryptocurrency transaction alerts in Chainalysis Know Your Transaction (KYT), the real-time anti-money laundering (AML) compliance solution for monitoring cryptocurrency transactions. It is the first compliance alerts solution available across 15 cryptocurrencies.

Chainalysis KYT alerts are designed to help cryptocurrency businesses and financial institutions mitigate exposure to regulatory and reputational risk by helping compliance teams focus on the most urgent activity and enforce compliance policies while better allocating resources.

“As lawmakers and regulators focus their attention on the industry, it is more critical than ever that cryptocurrency businesses demonstrate compliance best practices,” said John Dempsey, VP Product, Chainalysis. “Every minute counts when managing exposure to sanctioned entities, hacked funds, darknet markets, and other illicit activities, which is why Chainalysis is investing in fast, actionable alerts to help our customers mitigate risk across cryptocurrencies.”

Chainalysis KYT has always provided real-time transaction monitoring for large volumes of cryptocurrency activity to identify high risk behavior, and now alerts are generated whenever a transfer involves a risky counterparty and crosses a value threshold. Alert levels include Severe, High, Medium, and Low, and are based on factors such as category, service, direct versus indirect exposure, direction of funds, and amount. Alerts are available for all 15 cryptocurrencies supported by Chainalysis, including Bitcoin, Ether, Bitcoin Cash, Litecoin, and top stablecoins and ERC-20 tokens such as Tether, Maker, and Dai, with additional cryptocurrencies coming soon.

With alerts functionality built directly into the user interface and API, cryptocurrency businesses and financial institutions can keep track of, investigate, or take action on risky transfers. Additionally, customers can customize risk parameters based on their own business policies to help allocate resources accordingly.

“As a New York Trust company we are required to monitor transactions on and off our platform,” said Michael Breu, Gemini’s Chief Compliance Officer.  “Tools like KYT alerts, which provide real time and ongoing blockchain analysis, coupled with Gemini’s own compliance policies, help us meet our regulatory obligations.”

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Blockchain

For the First Time, Huobi Token Is Now Usable as an eCommerce Payment Method

Alexandru Marginean

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Photo Source: www.cryptonewsz.com
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Huobi is pleased to announce that Huobi Token (HT) can now be used to purchase art, apparel, hardware, event tickets and more from the eCommerce and crypto news platform FomoHunt. This marks the first time HT can be used for eCommerce by the general public.

While HT can be used for all merchandise on the site, offerings at FomoHunt also now include exclusive Huobi-branded merchandise.

“Our partnership with FomoHunt allows us to do two big things at once,” said Helena He, Head of Global Operations. “First, it’s a big step in expanding HT’s usefulness outside our direct ecosystem and making it more accessible to the general public. Second, it gives members of our community direct access to Huobi-branded merchandise, which is something many have repeatedly been asking for.”

FomoHunt co-founder, James Lawrence, expressed optimism about the new partnership.

“Being able to work directly with Huobi is an amazing opportunity. We are working together to allow our community users to use Huobi Token and make real-world purchases for clothes, art, FomoHunt subscriptions, event tickets, and even mining hardware. FomoHunt looks forward to future collaborations with Huobi.”

Huobi has made developing HT a priority over the past eight months. For example, Huobi Prime and Huobi FastTrack, Huobi’s innovative premium coin launch platform and its new coin listing program, which respectively launched in March and June this year, both use HT as their main token of exchange. In July, Huobi implemented a series of tiered trading fee discounts for users based on HT holdings.

Founded in 2018 as an alternative to the disparate information found across the internet, FomoHunt is a discovery portal into the world of blockchain projects, founders, events, products, and news. FomoHunt aims to provide an easy and streamlined portal for blockchain newcomers and experienced veterans with unrivalled project information and up to date information.

To learn more about Fomohunt, go to: https://www.fomohunt.com/marketplace/

To learn more, contact media@huobi.com

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Blockchain

Fiat Withdrawals Available With TUSD and PAX

Alexandru Marginean

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Photo source: www.prnewswire.com
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Stablecoin partners facilitate fund transfers to personal bank accounts easily.

Crypto.com, the pioneering payments and cryptocurrency platform, is pleased to highlight two fiat withdrawal solutions via TrueUSD (TUSD) and Paxos Standard (PAX) stablecoins for Crypto.com App users.

Crypto.com has recently entered a partnership with TrustToken and Paxos Standard for Crypto.com Chain, which will allow merchants to get paid in USD.

As an extension to this partnership, Crypto.com App users can now redeem their TUSD or PAX 1-to-1 against USD, which will be wired directly to their personal bank accounts. This is an appealing use case for App users who want to monetize their crypto gains, holdings, or Crypto Credit loans.

To redeem stable coins against USD, users can do so via the TrustToken or Paxos Standard platform. For further instructions, please click here.

Kris Marszalek, Co-founder and CEO of Crypto.com said, “The team is committed to making efficient fiat withdrawal available to customers. As we work on more traditional solutions, we are pleased to share two important supporting solutions from our stablecoin partners.”

Tory Reiss, Co-Founder of TrustToken said, “We are excited to be deepening our collaboration with the Crypto.com team. Finding a reliable way to move fiat on and off their platforms continue to be a headache for crypto companies. At TrustToken, we are continuing to double down on this use case by building out strong compliance practices and adding additional payment rails.”

Scott Simpson, VP of Strategic Partnerships of PAXOS said, “We believe that building a vibrant ecosystem for PAX is crucial for increasing use in consumers’ daily lives. Our partnership with Crypto.com makes it easier for consumers to benefit from their crypto holdings and were excited to make this important functionality live.”

DISCLAIMER: THE STABLE COINS AND USD REDEMPTION IS HANDLED AND PROCESSED BY TRUSTTOKEN OR PAXOS STANDARD, CRYPTO.COM IS NOT RESPONSIBLE OR LIABLE FOR ANY DISPUTE ARISE FROM SUCH ARRANGEMENT.

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