Oil and gas financing strategy in the framework of cryptocurrencies

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.