W2F these days there's all kinds of synthetic treatments for waterproofing of which I know very little. It could be used on an oilcloth no doubt but I'm not sure what is ususally used.
The idea behind this was to find an organic retorating oil that's as "native" to horn and antler as possible. Both have a tendency to crack over time and can potentially fall apart on the tang of a blade. I searched blade forums and read plenty of labels and so far it's a very reliable treatment.