Data Gumbo Partners with Cobbs Allen to insure blockchain-based smart contracts

Data Gumbo, a smart contract company building a trusted transactional network through GumboNet, its blockchain network, has formed a partnership with Cobbs Allen, a US independent agency focused on risk management in niche practice groups. Cobbs Allen will represent Data Gumbo in the insurance market, creating a safeguard for error and omission occurrences in the data or operations of any blockchain-based smart contract.

“Partnering with Cobbs Allen provides not only peace of mind for our customers but allows Data Gumbo to tout insurable contracts for complex scenarios,” said Andrew Bruce, CEO of Data Gumbo. “Smart contracts offer security, certainty of data and bottom-line savings, all aspects that are redefining industry relationships. Adding a bespoke insurance layer to our product alleviates and allays any anxiety or worries regarding the execution and operations of our blockchain-based smart contracts.”

Data Gumbo’s subscription blockchain network, GumboNet, frees industry from building and sustaining stand-alone, in-house blockchain solutions with their inherent lack of interoperability and neutrality. Built initially for oil and gas but applicable to a multitude of industrial applications, GumboNet provides an immutable and auditable record that enables counterparties to implicitly trust transactions.

Adding an extra layer of insurance with Cobbs Allen to protect against error or omission instances in smart contracts further enhances the reliability and security of Data Gumbo’s offering as automated, smart contracts evolve into the new industry standard.

“Part of the Cobbs Allen philosophy is to attack and advise around complex risks, and then transfer those risks to the insurance market through compelling and cost-effective means,” said Josh Kirklin, SVP of Cobbs Allen. “We are excited to partner with Data Gumbo as they expand beyond their unique platform in the oil and gas sector, and are proud to provide a backstop of insurance for their customers.”