One of the founders of the “Gulf Blockchain” does not see a future for digital currencies in Qatar

One of the founders of the “Gulf Blockchain” does not see a future for digital currencies in Qatar

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Answer One of the founders of the “Gulf Blockchain” does not see a future for digital currencies in Qatar

According to one of the founders of “Gulf Blockchain”, he believes that the supply and distribution sector in Qatar can benefit from the use of blockchain technology, but he does not see a strong future for cryptocurrencies in the region at the moment.

Blockchain technology use cases in Qatar

Nick Gorman, one of the founders of Gulf Blockchain, made his remarks during yesterday’s seminar, saying, “I don’t think there is a strong future for cryptocurrencies here at the moment, according to Qatar Central Bank notifications issued this year. But I see really good use cases for blockchain in a number of other areas. “

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In addition to the banking and financial sector, this also includes oil and gas and facilities management. With blockchain technology being one of the most secure technologies, Gorman noted that (distributed ledger) has an attraction in areas such as: computer security, property management, and personal identity management.

But in Gorman’s opinion, the best use case for technology in Qatar is strategic asset management. He added, “It’s managing things like hospitals and schools and making sure that roads and bridges are maintained where these kinds of activities can be recorded on the blockchain.” Another good example is the residency permit systems in Qatar. He states that if “someone” enters the country and commits a crime, it is recorded in the “ledger” and therefore cannot be erased.

Earlier this week, a report was published that this new technology can be used to improve supply chains in the global field. He added, “It will not only be an answer to a yes or no question, but when the state adopts it, it will be able to enhance transparency and remove the expected shortcomings.”

Notably, according to the CEO and one of the founders of the digital billing company Tradeshift, blockchain technology is not qualified enough to support global supply chains.

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In the last report; Christian Lange stated that although the technology was very effective in the matter of proving the authenticity of goods, as well as its reference point (origin), it was “not a high-performance technology”. Meanwhile, agencies such as the UK’s Food Standards Agency (FSA) are looking at ways to introduce this technology to improve food safety, and some estimate that “blockchain technology” will not be widely adopted in the next 10 years.

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