Hashgraph Association to explore five crypto use cases in Qatar
The Hashgraph Association has signed with several Qatari stakeholders to develop and explore five promising digital asset use cases over the next year. The programs will disrupt the way five industries work with innovative applications of blockchain technology and tokenization.
Focus Areas of Digital Transformation
It also aspires to tokenize a wide range of assets, from equity, Sukuk, and real estate to projects related to sustainability, such as carbon credits and consumer engagement initiatives. Such cases will no doubt drive efficiency by ensuring increased levels of transparency, reduced costs, and broader investment reach.
Tokenization Explained
Tokenization means taking real-world assets and converting them into digital tokens, hence making them tradable or manageable over blockchain networks. In this way, it facilitates asset management; investment becomes easier and also safe.
Targeting Islamic Finance with Sukuk
One of the main focus areas of the Emirate’s plan is Sukuk-a Sharia-compliant alternative to traditional bonds. These financial certificates offer returns through ownership of real assets, following the interest-free system required in Islamic finance.
Aiming for Global Leadership
Hashgraph Association, the not-for-profit entity backing Hedera, has inked an agreement with Qatar Financial Centre to make Qatar a global hotspot for digital assets and Distributed Ledger Technology. The agreement comes amid the Middle Eastern nation’s new regulatory regime for digital assets announced on September 2, seeking to regulate tokenization, custody, and exchange of digital assets.
New Regulatory Framework
The newly minted framework presented by the Qatar Financial Centre Authority and Regulatory Authority legally recognizes tokens and smart contracts. Multi-stakeholder approach for an exhaustive outlook forms the backbone of the ambition that this country nurtures to lead in digital finance and blockchain technology.
Conclusion
Over the coming year, the Hashgraph Association will lead activities in Qatar across: the tokenization of equity, Sukuk, real estate, sustainability projects, and consumer loyalty programs. The landmark partnership is meant to mark an important initiative toward realizing blockchain technology across diverse business and financial transactions, opening ways for a more transparent and highly efficient digital economy in the region.
