Wellsite announced a new partnership agreement with Power Team, LLC to deliver its Crudecoin blockchain technology to exploration and production companies in Saudi Arabia. The agreement was signed with Wellsite as part of Saudi Arabia’s Kingdom’s Industry 4.0 digital industrial transformation, which is part of the Saudi Vision 2030.
Wellsite announced the Crudecoin Blockchain first on March 28th of this year. The company operates as a professional network and collaboration platform for the upstream oil and gas industry.
According to Wellsite, the agreement was signed by Khulgan Al-Barry, Co-Founder and Chairman of Power Team Company LLC, and Wellsite Chief Executive Officer Chris Ely.
As part of this agreement Al-Barry will be joining Wellsite’s advisory board to support its Crudecoin blockchain project.
This partnership helps offer new innovation for upstream energy companies to manage operations using Wellsite’s distributed blockchain tech. “The government of Saudi Arabia has placed emphasis on promoting further a strategic initiative for its Industry 4.0 initiative, which is focused on automation and data exchange in manufacturing technologies, automation, digitization, and cyber security,” Al-Barry said.
Crudecoin’s token sale, which is designed for the oilfield services market, is a major blockchain initiative for its flagship platform, Wellsite.com. According to the company, by incorporating blockchain and Crudecoin into the Wellsite platform it would help them offer the industry’s first crypto-ready marketplace for oilfield equipment and services.
The Crudecoin presale began on March 26, 2018 and will end on April 26, 2018. The public sale for the coin is supposed to begin on June 8, 2018 and continue through August 8, 2018.
Wellsite stated that the the token sale will end early if the hard cap is reached prior to the end of the public sale.
Information on the token including the whitepaper is available on the token sale website.
“Crudecoin will enable operators to solve some of the biggest problems facing the industry today: speed, trust, and cost. By fully embracing blockchain and token technologies, Wellsite has positioned the company as a leader in changing how the oil and gas industry operates its business. Making Wellsite’s tools blockchain enabled and completely decentralized gives our customers options for managing their business they’ve never had before.”