| Author: | Khandan, Mohsen |
| Title: | An application of RWA tokenization : oil tokenization in a developing country |
| Advisors: | Tong, Wilson (AF) Xiao, Guang (LMS) |
| Degree: | DFinTech |
| Year: | 2026 |
| Department: | Faculty of Business |
| Pages: | viii, 154 pages : color illustrations |
| Language: | English |
| Abstract: | This thesis attempts to establish a model of the adoption of oil tokenization to fund the oil industry in large oil reserve nations with legal and political constraints and specifically the developing country. The use of tokenization in the digitalization of assets is a new solution and can transform the conventional methods of oil trading with the help of blockchain and smart contracts. The main aim of the study is to examine how well oil tokenization can be implemented in a developing state, taking into account its peculiarities of the economic, political, technological, legal, and socio-economic environment. The mixed method research, will pinpoint and explore the major aspects that make oil tokenization successful and the obstacles and threats that inhibit its rapid spread, which include political factors, resistance to change, and supportive legal provisions. By examining the distinct economic, legal, social, environmental, and technological landscapes of these nations and juxtaposing them with global trends in oil tokenization, this research aims to identify benefits, and risks associated with adopting such a system. Findings in four sections of analysis showed the significant effect of the asset unit cost of the RWA and market liquidity on the acceptance of RWA tokenization, while regulatory framework and economic conditions of the oil market could have a significant and positive effect on the adoption of oil tokenization. Also, findings revealed that the adoption of oil tokenization circumvents legal barriers, and political risks faced by major oil reserve countries. Based on AHP (The Analytic Hierarchy Process) method in which alternatives can be ranked based on pairwise comparisons, influential factors for oil token adoption are legal, economic, social, technical and environmental, respectively. Other findings clarify the most important (4 of the most) benefits and risks of oil tokenization including Bypassing Trade Barriers such as SWIFT Restrictions, Attracting Micro-Capital Investors, Mitigating Political Risks and Helping Circumvent Legal Barriers (benefits) and Lack of government Commitment to Delivering Oil, legal and political limitations or Economic/Social Exclusion for Token investors, Political Instability and Civil Unrest and Public Distrust in a Government-Backed Oil Token (risks). The results of this research have several noteworthy contributions: 1. This research can provide significant assistance to policymakers by identifying the factors affecting the acceptance of oil tokens and the risks and obstacles in this field. 2. Given the identification of the most effective factors on the acceptance of real-world asset tokens and oil tokens in this research, developers of this idea (oil tokenization) can create a more successful and sustainable business in this field by taking advantage of the findings of this research. 3. By using a diverse range of qualitative and quantitative methods in the design and implementation of this research, researchers in this field can have a better understanding of the relationships between the variables affecting the acceptance of real-world asset tokens with an emphasis on oil tokens in a country facing legal and political limitations. |
| Rights: | All rights reserved |
| Access: | restricted access |
Files in This Item:
| File | Description | Size | Format | |
|---|---|---|---|---|
| 9080.pdf | For All Users (off-campus access for PolyU Staff & Students only) | 1.91 MB | Adobe PDF | View/Open |
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