OilSC ICO [Review]
The Oil and Gas Supply Chain ICO (Symbol: OILSC) is aimed at the global oil and gas industry, with a particular focus on the waste management market. Over $5 billion flows through the market for drilling waste disposal every year, and OILSC plans on creating a blockchain-based platform for the management of these contracts.
The OILSC ICO will issue a total of 180 million ERC20-compliant tokens, which are intended to be used as a seamless medium of exchange between companies, organizations and government agencies involved in the supply chain.
About the waste management industry
Globally, the oil and gas industry generates over $1.2 trillion in revenue every year. Responsible waste management is an integral part of this industry, and the efficient provision of services are crucial – especially in terms of environmental protection. Ensuring that byproducts of the drilling processes are safely disposed of amounts to a market worth over $5 billion per year.
Like any paper-driven market, the processes that underpin these contracts are ripe for disruption. The oil and gas industry has realized this, and a consortium led by BP and Royal Dutch Shell is already working on a blockchain platform for modernizing this industry.
By focusing on the waste management vertical, OILSC aims to become a seamless platform for the provision of these related services.
How OILSC solves current-day problems
OILSC is building a modern platform for suppliers, producers and contractors to define, agree and execute contracts, all backed by the Ethereum blockchain. Organizations will be able to create and publish projects with their requirements, enabling suppliers to bid on them. Successful bids result in OILSC tokens being held in escrow by a smart contract until the work is completed.
The OILSC platform has utilities beyond contract management in the oil and gas industry. Another market ripe for disruption is excess water use: Onshore oil wells produce enormous amounts of water as part of the production process, most of which is simply sent back into the well. The OILSC marketplace model has the potential to improve water sustainability on-shore by having that water prepared for agricultural and industrial use without lowering the water table. With an effective OILSC system in place, water can be appropriately valued, traded, and put where it is most needed.
An opportunity exists for the Oil and Gas Supply Chain platform to extend into this, and other potential new energy markets – creating an effective system to value and trade these resources will be crucial in unlocking new value.
About the OilSC team
The Oil and Gas Supply Chain ICO is headed up by a team with experience in supply chain management, business systems, and blockchain technology. The OILSC team is supported by an Industry Team with over 110 years combined experience in oil, gas, and engineering.
On the development side, the OILSC team has engaged the services of SIMFORM, a reputable software development firm with experience in blockchain technology. Development of the smart contract platform is already underway, with updates provided on a public site.
About the ICO
The OILSC ICO is currently live, and will end on 21 February 2018. OILSC tokens can be purchased with Ether, at a rate of 1 ETH = 3850 OILSC. The bonuses are as follows:
- Minimum 3 ETH will receive 25% bonus OILSC
- Minimum 5 ETH will receive 40% bonus OILSC
- As an existing investor, refer new investors for a 10% OILSC referral bonus
A maximum of 180 million tokens will be issued, with 50 million held in reserve by the OILSC team for the development of the platform. Tokens will be credited to your wallet within 72 hours of purchase, and negotiations are underway to list the tokens on 3 crypto-exchanges for trading.