Pioneer Investors – Qatar recently released the National Blockchain Blueprint and it is considered part of the ongoing scientific efforts to build the information technology sector in Qatar in a modern and innovative way that serves its vision for the future.
Qatar is now well positioned to become a strong hub for Blockchain technology in the Middle East.
Qatar’s Efforts to Become a Block-chain Hub:
Subscribe to the action plan that is provided by itself:
According to the document, Qatar’s small size and small population, make it in a good position to be the center of Blockchain innovation in the Middle East.
This technology will contribute to building an innovative and growing information technology sector in the country.
But before that, to achieve the future goals, Qatar still needs to create a digital technology environment for modern technology to flourish in the Block-Chain.
According to the Qatar Blockchain plan Summary, Qatar needs to:
First: develop a strong regulatory framework.
Second: Help to attract investors.
Third: The regulatory framework is needed by both consumers and innovators.
Fourth: Regulation to protect users and ensure digital security.
Fifth: Provide the appropriate legal framework that allows innovation and adoption of the Block-Chain.
Sixth: Define the different areas, the associated regulatory requirements, and the regulatory approach for blockchain-based services.
Seventh: The conditions and incentives that each sector must offer to adopt the technology that will allow start-ups, pilot projects, and new companies to evolve and emerge in the digital arena.
Qatar’s strong competition by using Blockchain technology:
If all the recommendations set out in the plan are implemented, this could contribute to strengthening Qatar’s presence in the blockchain arena.
Human capital development will also be achieved through the creation of new job opportunities and skills development.
Meanwhile, Qatar’s telecom regulator has stated that stakeholders and members of the public interested in reviewing a blockchain scheme should provide feedback via email before September 15.
The future of blockchain in the Middle East:
The State of Qatar is currently working to integrate Blockchain technologies, through its central banks, to obtain alternative digital solutions, for regulating transfers and data.
According to experts, Blockchain technology will take over a large part of the global economic system, solving the problems of regulating financial transactions.
Dubai is the first Arab city to attract blockchain technology, and there is still a lot to be done to raise awareness and educate the Arab public about everything related to the cryptocurrency industry and digital currencies in general.
It is also clear that Qatar is now looking to regulate the Blockchain industry and benefit from it in building the information technology sector.
It is worth noting that these digital services will be provided in the Arabic language to make the dealing process more smooth.
In addition, the UAE is a major hub for Blockchain technology.
The Dubai government has established a unique authority under the name VARA, to regulate the financial operations that take place in the world of blockchain.
It is good to know that this technology is quite new and needs more time to be organized and integrated into the Middle East. However, due to the strong economy in the Gulf, great technical support, the availability of education and training technology, and government support, we will witness digital-oriented transformations in the region as a whole.