Joint Use Cases Underway to Improve Efficiency, Predictability and Eliminate Transactional Friction with Blockchain
Data Gumbo, the trusted transactional blockchain network for tomorrow’s industrial leaders, announced a partnership with PrairieDog Venture Partners (PDVP), the technology and development arm of the Operating System 2.0 (OS2) research project co-led by the Construction Industry Institute (CII) and the Construction Users Roundtable (CURT), dedicated to the creation and advancement a new business model for construction.
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Data Gumbo and PrairieDog Venture Partners Collaborate to Transform Capital Projects with Smart Contracts
Together, Data Gumbo and PrairieDog will deliver smart contracts, designed to solve long-standing industry challenges around transactional and informational friction, across capital projects, turnarounds, and maintenance for the industrial, commercial and infrastructure building sectors. Joint use cases are underway to deploy blockchain-based smart contracts to automate and accelerate payments, streamline operations by reducing costs, and provide a rapid, shared single source of truth for all contract participants.
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“This partnership provides numerous possibilities to transform the construction industry by addressing prevailing issues around sluggish productivity improvement and technology adoption,” said Pete Dumont, CEO and co-Founder, PrairieDog Venture Partners. “By implementing smart contracts for an international project delivery platform, we can improve business value for owners and their supply chains. This move indicates a marked development toward achieving long-term shared success collaboration models, with more effective supplier engagement, flattened supply chains and better risk allocation.”
Capital projects are a significant part of the U.S. economy, resulting in approximately $1.3 trillion worth of construction each year, but performance issues in the industry are common. Projects are exceedingly inefficient, riddled with high transaction costs attributed to friction in data exchanges and contractual relationships, with approximately 40% of spending attributed to non-value added transactional costs. Furthermore, each participant in the many layers of project hierarchies contributes to increasing administrative drag that escalates the cost of capital.
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