However, in order for this to take place, Qatar will need to carry out the recommendations contained in the blueprint.
It Is Believed That Qatar Is Well Prepared to Become a Blockchain Hub
A plan that was developed in collaboration by Qatar's Communications Regulatory Authority (CRA), Hamad Bin Khalifa University, and Qatar University aims to shed light on the ways in which blockchain "can contribute to developing an innovative and growing IT sector" in the country. The document makes the case that Qatar is well positioned to become one of the top countries in encouraging blockchain innovations by citing the country's modest population and size as supporting evidence.
However, in order for Qatar to realize its potential as one of the largest blockchain centres on a global scale, the country will first have to provide the conditions necessary for the development of the technology. According to the summary of the 23-page document, one of the ways in which this might be accomplished is through building what is called a "strong regulatory framework." It has been suggested that consumers as well as innovators require such a legislative framework in addition to the fact that it may assist bring in investors.
"Regulation is crucial not only to protect users and assure security but also to provide the adequate legal framework that enables blockchain innovation and acceptance. This is why it is so important. According to the National Blockchain Blueprint for Qatar, "this can be accomplished by defining the various domains of blockchain-based services, their accompanying regulatory needs, and the right regulatory framework to serve each domain."
The strategy also details the circumstances and incentives that need to be "given by each sector for the technological adoption that will allow startups, pilot projects, and new firms to develop." These are spelled out in the blueprint.
Increasing Qatar's Competitiveness Through the Use of Blockchain Technology
The report states in its conclusion that it is possible for this to contribute to "human capital development through the creation of jobs and skills development" if all of the recommendations contained within it are adopted. The implementation of the proposals contained in the blueprint has the ability to both drive economic growth and raise Qatar's level of competitiveness.
In the meantime, the Communications Regulatory Authority of the country has stated that any stakeholders or members of the general public who are interested in examining the blockchain blueprint must give their opinion by email no later than September 15