EQNR - Equinor automates commercial agreements with smart contracts

• Data Gumbo has announced that Equinor ( NYSE: EQNR ) has implemented Data Gumbo’s smart contract platform to automatically calculate and execute payments for Integrated Drilling and Well Services Day Rates for Johan Sverdrup and Troll assets.
• Data Gumbo’s smart contract network, GumboNet™, enables the company to automate payments under their existing natural language contract using Industrial Internet of Things data from Equinor and 3rd party logistics systems.
• It has the potential to take significant workload off the desk of many people at the same time as we remain compliant to our responsibilities.
• This eliminates 95% of payment delays, invoicing errors, disputes, and complicated reconciliations, significantly reducing the manual actions to produce an approved invoice from 60+ to two or three steps.
• Equinor continues to expand the automation of their IDWS agreements with a goal of 80%+ total contract coverage by Q4 2022.

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