The global petroleum market is a multi trillion industry which is happens to be the largest industry on the planet. Petroleum refinery market is the most diverse segment with a broad range of challenges and opportunities. Blockchain technology is going to completely overhaul most industries in the business and Petroleum is not an exception.
Octaneum, whose parent company is Octaneum Group, Inc(OGI), is creating a blockchain that will revolutionize the way refined petroleum products are bought and sold.
What Is Octaneum?
Octaneum introduces the evolution in supply chain management by integrating the power of blockchain into the global petroleum market. Octaneum enables enterprising companies to skip ahead of the line of competitors by securely leveraging innovative technologies into their operational models.
Digitization has penetrated and improved nearly every aspect of the petroleum market but many critical issues remains unsolved.
The Octaneum blockchain can contain a wide range of smart contracts, not just those related to commodity trading on an active market, but agreements throughout the supply chain that rely upon real time data in varying conditions to change performance, from quality and chemical content of petroleum stock, distillates produced along the way, which can then inform trading contracts of changing supply chain conditions in real time so that traders can act upon those changes immediately.
Types of commodity trading smart contracts are futures, swaps, options, costless collar, shipping and drayage, storage and retail point of purchase.
How Octaneum High Energy Petroleum Supply Blockchain Works?
As Octaneum permeates across the full spectrum of petroleum industry, global payment transfers, Know your Customers(KYC) client verification, advanced product tracking, monitoring and bilateral information sharing will be fully automated and streamlined. These services will be secured at a level higher than ever before. This in turn reduces operational costs drastically, with industry analysis forecasting upwards of 50% savings for emerging markets, and 15% even for advanced economics.
Octaneum ICO Details
Octane cryptocurrency enables traders to trade in the Octane denomination, to monetize the capitalization of in ground petroleum reserves through the market rather than through industry market makers, and even allow the petroleum end user to pay for their gas and other petro products with Octane at the retail location.
Total token issued in supply is 100 million with a target sale volume of 20 million tokens in the ICO and 2 million tokens in Pre-ICO. Each token will cost $1.50. Token sale value is estimated to be $30 million. Pre-ICO will be held Feb 2018 and ICO in March 2018.
Distribution of tokens will be as follows:
- ICO members: 22 million tokens(22%)
- OGI Parent Company: 61 million tokens(61%)
- Team: 11 million tokens(11%)
- Developers: 5 million tokens(2%)
- Advisory Board: 1 million token(1%)
Combining the power of blockchain technology powered by smart contracts, immutable ledgers and encryption secured information, Octaneum is poised to radically transform global supply chain logistics within a few years.
You can read more about their product, their parent company and participate in their ICO, you can visit their website octaneum.com/