Blockchain is an open distributed ledger that can record transactions between two parties. Transactions are verified immediately by a distributed network of computers, without needing a central authority. Approved transactions are then added to the existing blockchain permanently, and cannot be altered.
The blockchain market size in Qatar was estimated at US$0.8m in 2018, and is expected to grow by 120% annually to reach $19.4 million in 2022.
The blockchain market in the MEA region is on the verge of exponential growth, offering investors high returns on investment.
The Qatari public sector, the biggest spender on blockchain by 2021, is a strategic priority sector for Qatar, forming a key part of multiple Tasmu Smart Qatar use cases.
Blockchain is still a largely nascent technology, with no dominant players.
Low current awareness of blockchain (more than a third of SMEs) and low utilization rate (around 3%) shows that the market has considerable room to expand. The utilization of blockchain within the public sector will raise considerable awareness of the technology and demonstrate its benefits, making the private sector a likely fast follower to public sector adoption.