OILSC - Putting Oil and Gas Waste Management on the Blockchain
January 18 2018 - 4:46AM
InvestorsHub NewsWire
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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