OILSC is an oil and gas supply chain technology built on blockchain. Find out how it works today in our review.
What Is OILSC?
OILSC aims to become an integral part of the $5 billion global drilling waste management market. The company seeks to move the contracts and supply chains of the world’s largest oil and gas waste disposal companies onto the blockchain.
The end result will be increased efficiency and transparency of transactions between oil companies and drill waste management service providers via bespoke smart contracts.
The ecosystem revolves around the use of OILSC coins, which are on sale throughout January and February 2018. The platform is currently in the early stages of development.
OILSC sounds good – but we have reason to believe it’s an ICO scam. The company’s whitepaper features limited information about the platform’s goals or technical details, for example, and the team and location information is vague. At best, OILSC is a dumb investment. At worst, it’s a scam designed to take your money.
What Problems Does OILSC Seek To Solve?
OILSC seeks to solve several major efficiency problems in the global oil and gas industry. First, the company sees a lack of environmental responsibility between O&G companies. There’s a need for effective and efficient technologies that better clean waste products. However, supply chain companies struggle to connect with remediation companies.
OILSC aims to encourage cooperation between the world’s largest oil and gas companies, national governments, and remediation organizations. Partnerships between these organizations will be managed using the blockchain and smart contracts.
OILSC’s team specifically sees a problem with the way O&G companies manage water waste. The average onshore oil well produces ten times more water than oil, and companies struggle to deal with that water waste. Moving, treating, and disposing of the water accounts for about half of the cost of producing each barrel of oil.
How Does The OILSC Oil & Gas Waste Management Token Work?
OILSC is currently in the early stages of development. However, we know basic details about the platform and how it plans to operate.
OILSC specifically identifies water waste as a problem that needs to be solved. OILSC will implement smart contracts no its platform, creating an efficient marketplace where water remediation companies can interact with big oil and gas companies. These parties will interact through a marketplace.
“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.”
Here are some of the other core functions of the Oil and Gas Supply Chain blockchain platform:
- Allows IT providers within the oil and gas industry to easily setup blockchain supported data
- Enables transparency and tracking beyond the “one step down, one step up” principle
- Protects brands from fraudulent behavior
- Increases efficiency for all stakeholders
- Connects IT systems of different stakeholders into multi-organizational supply chains
- Ensures integrity of data
- Creates a tailored system for supply chain data on the blockchain
- Allows for the creation of various supply chain applications
Some of the proposed “supply chain applications” could include apps that authenticate product data, establish product journey visibility, improve recall efficiency, increase the effectiveness of alert systems, manage inventory, and standardize data formats.
How OILSC ICO Tokens Work
The Oil and Gas Supply Chain token, abbreviated as OILSC, is the digital currency for the OILSC platform. Only 180 million tokens will ever be created.
130 million of those tokens will be available during the pre-ICO and ICO. 50 million tokens will be held by the company “for future expansion and development rewards, marketing, incentives and back office.”
The pre-ICO for OILSC tokens began on December 10, 2017, at a price of 1 ETH = 3850 tokens.
The main crowdsale began on January 10, 2018, and is scheduled to last for 6 weeks.
The tokens will be used to pay for smart contracts on the Oil and Gas Supply Chain platform.
Who’s Behind OILSC?
OILSC lists its headquarters as an address in the Seychelles (Suite 9, Ansuya Estate, Revolution Avenue, in Mahe). This is a popular address for offshore corporations. OILSC claims this address is its “headquarters”, although this does not appear to be the case.
The company doesn’t list its executive team. Instead, it refers only to its “Development Team”, which includes David Clark (“Head of Development)”, Jignesh Solanki (“Concept Development”), Purvak Pathak (“Blockchain Developer”), and Parikshit Joshi (“Blockchain Developer”).
We have no information about who’s running the company or what their background may be. Each of the team members listed above has just basic biographical information attached to their profile. There are no links to their LinkedIn page, for example, and no way to contact them.
The company claims to be affiliated with Shell, BP, Chevron, and other major O&G companies.
OILSC may seem like a legitimate project at first glance, but the more we read about it, the more we’re convinced it’s a scam. The company lists a fake address as its “headquarters”. It also doesn’t adequately list any team members involved with the project. The fact that Shell, BP, and Chevron are falsely listed as affiliates or partners is also worrying.
The most worrying thing is that OILSC is completing an ICO in January and February 2018, but has no working product in place whatsoever. The company claims its platform is in the early stages of development – but the whitepaper has no details about how that platform will work or how it will accomplish its goals.
For all of these reasons, OILSC appears to be an ICO scam at worst and a bad investment at best. There’s no substance behind the company’s business plan or whitepaper, and there’s an overall lack of transparency regarding any aspect of OILSC.