Gulf Blockchain Foundation Expert Talks Qatar’s Blockchain Use and Future Potential
Blockchain Expert: Qatar Is Not Bullish For Crypto
The cryptocurrency community has expanded. Without a doubt, these past three years have been integral to one of the biggest explosions of interest in the history of cryptocurrency and blockchain technology. And while regulators and businesses alike attempt to reconcile their own strategies for dealing with the increasing prevalence of blockchain and crypto tech in nearly every sector, all eyes in the crypto community are on expansion, adoption, and development.
Perhaps the biggest inking of success in this respect has been the willingness of countries in the Middle East to get involved in the cryptocurrency community. While some other major countries on other continents have been careful about embracing any type of cryptocurrency, some countries in the Middle East have been quick to embrace the industry as a bastion of potential success and development for their own economies. When it comes to blockchain applications, Qatar has been one of the most interesting use cases of blockchain usage in the supply side management of business.
But now, a cryptocurrency expert with several years of experience at an esteemed think-tank on blockchain applications has come out with his own bearish outlook on the situation. In a statement, the co-founder of research firm Gulf Blockchain Foundation outlined his belief that, while the supply chains in Qatar stand to gain significantly from the use of sophisticated blockchain technology, he does not personally believe that the tech will thrive in Qatar and its region.
Qatar’s plan for a new blockchain infrastructure to run their supply side management drew interest from many within the cryptocurrency community. The country had been working in banking, finance, and a variety of other unrelated sectors on the development of an exciting new use case for blockchain technology. They are onto something, too. Supply chain management is one of the big business and private sector applications of the tech, with several major companies all over the world taking advantage of the impeccable efficiency of the blockchain to revitalize and expand their own systems.
Some sectors affected by the use case include cybersecurity, as well as property management and identity protection and management processes. In this respect, it is possible that the community could see blockchain being used in traditional bastions of the former financial system, including schools, hospitals, and even in the maintenance of public facilities like roads and bridges.
Lack Of Maturity
The key reason behind the CEO’s invocation that blockchain may not thrive in Qatar is that it simply has not matured enough to handle the plethora of problems the tech will face in coming years after it is officially unveiled. He outlined in an official report that the tech is not “a high-performance technology,” and that the adoption of the technology might not happen for up to ten more years.
In any case, the bearish outlook on the long-term application of blockchain technology is not an indict on all uses of blockchain in supply chain management. For Qatar, it seems to be a long road ahead before blockchain becomes commonplace.