(MENAFNEditorial) Republic of Seychelles - February 9th, 2018 - For those who have been following the evolution and adoption of blockchain technology, it should come as no surprise that in 2018 a new ICO (Initial Coin Offering) could be the next big thing that changes the oil and gas industry for the better.
, currently in the midst of its ICO round, seeks to do just that by moving the contracts of the world's largest oil and gas waste disposal companies, organizations, and government agencies onto the blockchain. OILSC coins will be used between the oil and gas companies and drill management / waste service providers, becoming the standard medium of exchange for smart contracts in the $5.08 billion global drilling and waste management market.
In recent years, blockchain projects and cryptocurrency initiatives have been seeking to transform industries by bringing more transparency and efficiency to the way they conduct business internally and externally.
OILSC is currently the only project in the marketplace to directly approach the oil and gas industry and its waste management practices.
On average, an onshore oil well produces 10x as much water as it does oil. Dealing with this produced water is the primary cost of running an onshore oil well, amounting to 50-66% of the total cost. OILSC's goal is to create a 'more efficient water marketplace by implementing smart contracts that will improve water sustainability in the oil and gas drilling process. Instead of this water going right back into the well for enhanced oil recovery, with an OILSC model it could be treated and reused on the surface. This has far-reaching implications for many industries, including agriculture, so that water of all kinds can be appropriately valued, traded, and put to its best use. This in turn will lead to more recycling, conservation, and water treatment advances across the board.
So why should an ICO investor with no connection to the oil and gas industry be taking a serious look at OILSC? Simply put, OILSC is extremely scalable, with plans to move to many different sectors over time. With a surge in drilling mud and related waste, it is crucial to have suitable waste management applications for drilling purposes and safeguarding the environment. While the OILSC smart contracts and applications are designed to address specific challenges in the oil and gas industry, they believe these solutions will be adopted as the standard for many supply chains, particularly water conservation, worldwide.
Another positive sign comes from oil and gas companies themselves. Several major energy firms are already partnering on a new blockchain-based trading platform. BP, Shell and Statoil are backing the platform which represents the latest application of the tech to the energy space. The consortium of firms built around the platform also includes ING, ABN Amro and Societe Generale, as well as trading firms, Gunvor, Koch Supply & Trading, and Mercuria. (SOURCE: Commodity Trading Consortium)
Of course, it makes sense that oil and gas companies have been drawn to the blockchain. There is a tremendous amount of complexity in their supply chains, specifically due to the involvement of many stakeholders, all with varying incentives and no motivation to share information with each other.
With OILSC's bespoke smart contract GUIs, all stakeholders will be required to provide predefined data, which would then be vetted and standardized by OILSC's protocol to ensure transparency and an even distribution of information.
OILSC smart contracts will also serve to monitor the equipment and manpower on sites. This will help prevent theft from parties claiming equipment is onsite when it is not, or parties claiming extra manpower that does not exist. This will also provide a benefit to the insurance companies involved, reducing insurance premiums over time and even improving safety with OILSC's ability to monitor the manpower at locations in emergencies through integration with RFID chips.
From a user perspective, OILSC's platform will not be much different than entering into a contract on paper, or with whatever digital service a user is used to. The only difference will be that all information will be on the blockchain, instantly available to all parties involved and recorded forever. All stages of the contract will have to signed off on by all parties before the contract completes, and payments will only be sent once this occurs.
SIMFORM, a company based in Florida, has been working on building OILSC's platform since before their ICO. After their ICO, OILSC will be releasing multi-access dashboards on their network. There will be a live beta test of the platform and GUIs with clients, featuring real use cases.
OILSC is currently negotiating with three major exchanges, in order to have a listing after their ICO. Later in the quarter, OILSC will expand its marketing and roll out to more oil and gas companies and related waste management companies.
OILSC will only produce 180 million tokens, with 130 million offered during the ICO token sales. 50 million will be held by Oil and Gas Supply Chain for future expansion. A percentage (tba) of any Tokens left over after the ICO will be airdropped to all investors and introducers pro rata, this is due to the escalating price of Ethereum throughout the ICO making our tokens effectively more expensive. The balance of the tokens offered during the ICO will be burned after the ICO and the burn address will be posted on their official website.
The ICO sale price is 3,850 tokens for 1 ETH, with a minimum contribution of 0.1 ETH. All contributions of 3 ETH will receive 25% extra allocation, and all contributions of 5 ETH or more will receive an additional 40% allocation. For those who participate in the ICO, there is a 10% referral bonus and an airdrop if contributors mention where they found out about OILSC.
OILSC's ICO will run from January 10th to February 21st, 2018.
For anyone who wants to find out more, OILSC's team can be contacted on Telegram, Twitter, Facebook, or via email ().
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