Legal Analysis of the Validity of Block Chain-based Bills of Lading in Oil Trade

Nowadays, block chain technology can be used in all stages of international trade, from contracts to shipping and ownership documents. Considering the crucial role of bills of lading in transportation, the use of technology-based documents will create advantages, opportunities and even a new perspective for facilitating oil trade. However, it seems that oil trade on a global scale has not yet fully accepted the block chain technology, and so far, specific legal frameworks for issuing bills of lading based on technology have not been formed. In addition, technology use in the oil trade will be accompanied by problems and challenges. This issue will become more complicated due to Iran embargos in recent years, especially in the field of oil industry and trade. Therefore, in this research, while trying to identify the legality of block chain bills of lading based on existing domestic and international regulations, we will deal with the effects and challenges of its application in oil trade, including Iran's oil trade.