With the world on the heels of a financial and technological revolution, conversations about cryptocurrency and the blockchain seem to be saturating our news headlines and online discourse.
By decentralizing the exchange of money and information and cutting out middlemen in day-to-day transactions, blockchains have created systems where all of our digital interactions can be more cost-effective, secure, and completely uncensored. In the nine years since it was created for sending and receiving Bitcoin, blockchain technology has already proven that it has the power to change the world.
But while almost everyone is familiar with Bitcoin, few are aware of the many start-ups that are now using the blockchain to transform their respective industries.
An ICO, or initial coin offering, is essentially a fundraising round that companies launch in order to put a new cryptocurrency or blockchain project on the market.
These companies all seek to transform traditional industries by bringing their processes, exchange of information, and exchange of funds onto the blockchain.
Most of these blockchain projects address the specific use cases and challenges that exist within their given industry, using smart contracts to ensure that business is done in a more transparent and efficient manner.
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.
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.
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.
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 (info@oilsc.io). Please also visit https://oilsc.io and www.oil-and-gas-supply-chain.com.
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