Abstract:
Choosing the best method of financing about projects is the most important factor in industries functions. Nowadays global economics’ general constraints, fiscal resources scarcity and non – optimum method of allocation in resources had appeared the necessity of introducing new titles in finance. Since bitcoin was introduced, theorists began to studying the feasibility of designing and establishing new financing patterns on the blockchain platform and the use of cryptocurrencies. The establishment of platforms based on blockchain and its replacement with existing mechanisms will have undeniable effects on reducing operating costs and enhancing transparency in various industries and businesses. This research, focused on the upstream sectors of the oil and gas industry. The results show that the use of emerging blockchain technology capabilities, provides the possibility of using new generation of international financing method using cryptocurrency. The oil-backed cryptocurrency is the main crypto asset in this framework. This cryptocurrency's value is equal the barrel of crude oil.
Machine summary:
This research, while utilizing the meta-synthesis method, focuses on studying and examining various dimensions surrounding the Islamic Republic of Iran-based oil cryptocurrency with the aim of financing active projects in the upstream sectors of the country's oil and gas industries.
The findings of the research indicated that by employing the emerging technological capabilities of blockchain, in addition to making the implementation processes of issuing securities in the form of security tokens more agile and simple, it also enables international currency financing without the need for financial entities and institutions.
Keywords: Oil-backed cryptocurrency, financial security, upstream sectors, blockchain, cryptocurrency JEL Classification: F31, G21, O16 * PhD student at the Faculty of Islamic Studies and Economics, Imam Sadiq (AS) University, Tehran, Iran (Corresponding Author) norouzi.
In this regard, the present research focuses on the financial security of upstream oil and gas projects through methods based on blockchain technology and via the cryptocurrency of the Islamic Republic of Iran-based oil.
The final recommendations of this research are presented in the form of implementing a five-stage process consisting of issuing a certificate of credit, interaction between the National Iranian Oil Company and the contractor in the form of a smart contract, issuance and publication of the cryptocurrency, and a decentralized energy exchange and settlement process, which facilitates the financial security of upstream oil and gas industry projects in two forms: foreign currency and Rial.
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