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Data Gumbo Appoints Capital Projects Expert for Expansion into the Construction Industry

  • Construction industry veteran Michael Matthews hired as Industry Principal to bring world-class expertise in streamlining capital projects to maximize performance and efficiency
  • GumboNet™ blockchain network directly takes on the construction industry’s lagging productivity through automating contracts, accelerating payments, reducing financing charges and providing a single source of truth across project participants

HOUSTON–(BUSINESS WIRE)–#blockchain—Data Gumbo Corp., the Houston-based smart contract company building a trusted transactional network for tomorrow’s industrial leaders through GumboNet™, its massively interconnected blockchain network, today announced its expansion into the construction vertical with the hire of Industry Principal Michael Matthews. A construction industry veteran, Matthews will lead the company into this $9 trillion sector, which stands to gain substantial project efficiencies and cost-savings from the use of blockchain technology.

“The construction industry lags far behind other industries in both productivity improvement and technology adoption, resulting in billions of lost value. The way companies come together to execute projects remains essentially the same despite technology’s improvement and we have to make fundamental, disruptive changes to deliver more value,” said Matthews. “Prevailing contracting models and disparate systems greatly limit the movement of information and harden distrust between companies, resulting in up to 30-40 percent of project costs being hidden in transaction burden. I want to fundamentally change our industry by eliminating those costs and the GumboNet platform is a low hurdle, big impact solution that I am excited to bring to construction.”

Matthews comes to Data Gumbo with over 30 years of experience in the construction industry as an owner, a contractor and a consultant. Throughout his career he has helped transform and lead project organizations to deliver projects safer, faster and at the lowest cost. He was previously Vice President of Strategy & Consulting at Enstoa where he worked on accelerating digital transformations for clients in the buildings and industrial sectors. Prior to this, he was Director at PwC where he oversaw project excellence, organization and technology advisory services across a range of industries, maintaining a focus on client’s value realization. A seasoned executive, Matthews was the co-founder and managing partner of Blue Marble Risk Solutions and he held senior management positions with Faithful+Gould and Honeywell after starting his career with Texaco. Additionally, he is the current Chair of Upstream, Midstream and Mining Sector Committee for the Construction Industry Institute at The University of Texas at Austin.

Blockchain to Power the New Era of Construction Contracts

Currently, the construction industry lags behind other sectors in both productivity improvement and technology adoption, and blockchain is poised to disrupt and improve capital projects across the value chain. The GumboNet platform enables the automation of contracts by capturing data from existing systems, then using the data to independently validate performance against terms and conditions, and posting the results on an immutable, distributed ledger for approval by the contractual parties. GumboNet directly addresses the industry’s pain points by fostering trust among project stakeholders, establishing a single source of the truth and delivering visibility into productivity, cost, schedule and safety performance.

“Construction is one of the world’s largest industries, but it has clearly fallen behind others in adopting technology and driving efficiency. Michael is a recognized leader in the industry and his vision and experience make him an excellent fit to scale Data Gumbo into the construction sector,” said Andrew Bruce, CEO of Data Gumbo. “The ability to address fragmentation and complexity across the project life cycle will aid Data Gumbo’s mission to deliver a business to business platform that builds trust and removes waste and inefficiency.”

Built initially for upstream drilling and completions in oil & gas, but applicable to a multitude of industrial applications such as construction, GumboNet is offered by subscription, and uniquely frees companies from building and sustaining stand-alone, in-house blockchain solutions.

About Data Gumbo

Data Gumbo is the trusted transactional network for tomorrow’s industrial leaders. Its solution GumboNet™ is a massively interconnected blockchain network that automates smart contracts. Headquartered in Houston, Texas, Data Gumbo has a subsidiary office in Stavanger, Norway. To date, the company has received a $6 million Series A equity funding co-led by Saudi Aramco Energy Ventures, the venture subsidiary of Saudi Aramco, and Equinor Technology Ventures, the venture subsidiary of Equinor, Norway’s leading energy operator. For more information, visit www.datagumbo.com or follow on LinkedIn, @DataGumbo and Facebook.

Contacts

Gina Manassero

Data Gumbo
(512) 553-2387

[email protected]

Business Wire , 2019-11-14 13:02:25 ,

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NewsBlock © 2019 - 2020 All rights reserved.

NewsBlock © 2019 - 2020. All rights reserved.


While Bitcoin’s price seemingly moves without rhyme or reason — collapsing by dozens of percent and embarking on face-melting rallies on a whim — the cryptocurrency market is filled to the brim with fractals.

Related Reading: Analyst: Bitcoin Price Likely to Fall to Low-$8,000s as Chart Remains Weak

A brief aside: A fractal, in the context of technical analysis and financial markets anyway, is when an asset’s price action is seen during a different time. This form of analysis isn’t that popular, but it has proven to be somewhat valuable in analyzing Bitcoin.

One recent fractal popularized by a well-known cryptocurrency trader is implying that BTC is going to return to the low-$7,000s in the coming days.

Bitcoin Fractal Implies Retracement to Low-$7,000s

A well-known crypto trader going by “Tyler Durden” on Twitter recently posted the chart below, which shows that a Bitcoin price fractal may be playing out. The fractal has four phases: horizontal consolidation marked by one fakeout, a surge above the consolidation phase, a distribution, then a strong drop to fresh lows.

If the fractal plays out in full, BTC could reach the low-$7,000s again, potentially as low as $7,100. This would represent a 20-odd percent collapse from the current price point of $8,800.

It isn’t only a fractal that is hinting Bitcoin has the potential to visit its lows. As we reported on Saturday, Bloomberg believes that if the GTI Vera Convergence Divergence Indicator flips red, a downtrend could push the cryptocurrency back to $7,300.

Related Reading: Stephen Colbert Pokes Fun at Bitcoin in Monologue: Mainstream Gone Wrong?

Can Bulls Step In?

But again, many believe it is irrational to have such bearish interpretations of the cryptocurrency’s chart at the moment. As reported by NewsBTC earlier, Popular crypto trader Mayne recently noted that the “people waiting for $6,000” are irrational. He quipped that Bitcoin retracing and consolidating after its fourth-biggest bull move in history ($7,300 to $10,500, a 42% gain) is perfectly par for the course, but noted that it’s totally possible we can go lower from $8,800.

The medium-term technicals support this.

Trader and CoinTelegraph contributor FilbFilb found that by the end of November or start of December, the 50-week and 100-week moving averages will see a “golden cross,” which he claims is far more significant” for the Bitcoin market that other technical crosses.

Also, a Bitcoin price model created using Facebook Prophet machine learning found that the leading cryptocurrency is likely to end the year at just over $12,000. What’s notable about this model is that it called the price drop to $8,000 months in advance, and forecasted a ~$7,500 price bottom for BTC.

To put a cherry on the cryptocurrency cake, Crypto Thies observed that when Bitcoin bottomed at $7,300, it bounced decisively off the 0.618 Fibonacci Retracement of the move from $3,000 to $14,000, which correlates with the two-week volume-weighted moving average. He added that summer 2019’s consolidation was marked by Bitcoin flipping major resistances into support levels, implying that a bullish reversal and subsequent continuation is likely possible in the coming weeks.

Featured Image from Shutterstock


Nick Chong , 2019-11-10 12:00:38

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