Qatar Releases Blueprint for the National Blockchain Strategy

Qatar Releases Blueprint for the National Blockchain Strategy

Qatar has released the "National Blockchain Blueprint," which suggests that the technology, combined with a "solid regulatory framework," can help the country build an innovative information technology (IT) sector. However, Qatar has to implement the recommendations of the blueprint to realize its goal.

Qatar is Well Placed to Become a Blockchain Hub

The blueprint has been jointly drafted by the Communications Regulatory Authority (CRA) of Qatar in collaboration with Hamad Bin Khalifa University and Qatar University, which seeks to spotlight how blockchain "can contribute to building an innovative and growing IT sector" in the country. Citing Qatar’s small population and size, the document argues the country is well placed to become one of the leading countries in fostering blockchain innovations.

Qatar has to create an enabling environment for the technology to flourish before attaining the status as one of the biggest blockchain hubs globally. The 23-page document summary suggests developing a "solid regulatory framework" as a step to achieving the goals. In addition to bringing in investors, such a regulatory framework is said to be needed by both consumers and innovators.

"Regulation is not only important to protect users and ensure security but also to provide an adequate legal framework that allows blockchain innovation and adoption. This can be achieved by identifying the different domains of blockchain-based services, their associated regulatory requirements, and an appropriate regulatory approach to serve each domain," the National Blockchain Blueprint for Qatar stated.

The blueprint also sets out the conditions and incentives that need to be "provided by each sector for the technology adoption that will allow startups, pilot projects, and new companies to emerge."

Bolstering Qatar’s Competitiveness with Blockchain

The document claims if all the recommendations therein are implemented, they can contribute to "human capital development through job creation and skills development." Implementation of the blueprint’s recommendations can potentially stimulate growth and increase Qatar’s competitiveness.

The Communications Regulatory Authority has said stakeholders and members of the public interested in reviewing the blockchain blueprint must submit their feedback via email before September 15.