< All articles
Screen shot 2018 01 17 at 06.33.50

OILSC Putting Oil & Gas Waste Management on the Blockchain

By Manmeet
Published 11 months ago

The Oil and Gas Supply Chain (OILSC) aims to put oil and gas waste management on the blockchain network. With environmental awareness rapidly growing every day and due to the legal enforcement of the oil and gas industry’s environmental responsibilities, a need has evolved for more efficient technologies that help the oil and gas industry to clean the waste products generated due to their activities.

Oil and Gas Supply Chain is shifting the supply cins and contracts associated with the government departments and organizations that work for the disposal of waste generated by the supply chains on the blockchain. The Oil and Gas Supply (OILSC) token will be the medium of all the financial transactions that are made within a smart contract between the Oil and Gas Company and all the drill management and waste disposal service providers. Moreover, all this is happening with the permission of all the related organizations and thus OILSC has the support of all the major oil and gas companies and wastes disposal service providers worldwide.

What is the OILSC Token?

The OILSC token will be used as a payment gateway on the Ethereum network. They are implemented as ERC 20 compatible token on Ethereum. Only 180,000 million OILSC tokens will be created and all unsold tokens will be burnt post full ICO. Out of the total number of tokens 130 million OILSC tokens will be offered in the pre-ICO and ICO launch.

Token Contract Address: 0x907f3d093b6a3d599ac940c8f3ce21b4858f3618

Token symbol: OILSC

Decimals: 18

The Benefit of Oil and Gas Supply Blockchain System

The supply chains are attracting a lot more complexity today and all the information about a supply chain is distributed unevenly among its own investors and stakeholders. This uneven distribution of information leads to a chaotic misrepresentation of facts and even the distribution of incentives among the stakeholders goes out of alignment. 

This creates the scope of fraud and immoral behaviour. Oil and Gas Supply Chain will allow the IT experts to easily set up data sharing fully supported by the blockchain. Thus it ensures that everybody has the same and relevant information building the much-needed transparency in the system. 

OILSC will promote automatic data connection and interoperability between the IT systems of stakeholders and ensure the integrity of the data. 

Also, since the standards of content are different in different regions OILSC will promote a single standard of data throughout its network thus avoiding any kind of confusions or data errors.

When information is received from the stakeholders and investors the protocol employed in the Oil and Gas Supply chain will do a ‘consensus check’ through which it will be verified that data which has come from different stakeholders is error-free and there is no discrepancy between the different sets of data received. A chain of accountability is created as each stakeholder needs getting an approval from the previous as well as the stakeholder in front. To add more security and credibility to the data an extra set of auditing and compliance organizations will give their validations to the data by supplying necessary confirmations. 

OILSC ICO Details

• ICO Start Date: 10th January 2018.

• ICO End Date: ICO will end 6 weeks after the start date.

• Token Value: 1 ETH = 3850 OILSC Tokens.

• 5 Ethereum contribution will garner a 33% more allocation of tokens