OILSC - Putting Oil and Gas Waste Management on the Blockchain

Date : 01/18/2018 @ 4:46AM
Source :ADVFN Crypto NewsWire
Stock : Bitcoin (BTCUSD)
Quote : 6388.30000000  -29.32000000 (-0.46%) @ 10:38AM
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OILSC - Putting Oil and Gas Waste Management on the Blockchain

Oil and Gas Supply Chain (OILSC), with a maximum of only 180 million coins ever in circulation, will be an integral part of the US$ 5.08 billion global drilling waste management market by moving the contracts and supply chains of the world’s largest oil and gas waste disposal companies, organizations and government agencies, onto the blockchain.

As they will reduce the cost and increase the efficiency and transparency of transactions between oil companies and drill waste management service providers via bespoke smart contracts, OILSC coins will become the preferred industry standard medium of exchange, thereby driving the value of OILSC coins upward.

Increased awareness and legal enforcement of the oil and gas industry’s environmental responsibility is creating a commensurate need for effective and efficient technologies that help the industry better clean the waste products their activities invariably generate.

With co-operation from many of the world’s largest companies, governments and organizations that specialize in oil and gas waste disposal, we are moving their supply chains and contracts onto the blockchain. Using bespoke smart contract GUI’s that conform to the current layouts on our platform, OILSC will make this process more time and cost effective and move it closer to worldwide compliance and a cleaner world.
The Oil and Gas Supply Chain token is designed to be the medium of transaction within a smart contract between the oil and gas companies themselves and all the drill management and waste disposal service providers. OILSC token is supported by major companies and organizations with years of experience in providing full service drilling waste management, solids control and complete ‘backyard’ solutions to required post drilling environmental protection regulations worldwide. These companies and organizations are the base from which OILSC will be transacted.

Oil and Gas Supply Chain - Smart contracts for the HO sector

The average onshore oil well produces ten times the volume of water as oil, all day, and every day. In fact, the cost of dealing with this ‘produced water’ is the primary cost of operating an oil or gas well. Moving, treating and disposing of the water is half to two-thirds of the total cost of producing each barrel of oil.

Oil and Gas Supply Chain can implement smart contracts on its platform; an efficient water marketplace is going to lead to more recycling, more conservation, and more investments into water treatment technologies. Not limited to the energy sector, a marketplace model has the potential to improve sustainability for every major off-grid user including agriculture and industry. With an effective system in place, all kinds of water, not just freshwater, can be appropriately valued, traded, and put to its best use.

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