TY - JOUR
T1 - Governance in the era of Blockchain technology in Qatar
T2 - a roadmap and a manual for Trade Finance
AU - Ibrahim, Imad Antoine
AU - Truby, Jon
N1 - Funding Information:
Funding This publication was made possible by the NPRP award NPRP11C-1229-170007 from the Qatar National Research Fund (a member of the Qatar Foundation). The statements made herein are solely the responsibility of the authors. Open Access funding provided by the Qatar National Library.
Publisher Copyright:
© 2021, The Author(s).
PY - 2022/12
Y1 - 2022/12
N2 - Nations worldwide have sought to capitalize on the benefits of distributed ledger technology (DLT) including Blockchain, but struggled to strike a balance between encouraging investment and innovation in the technology while addressing the challenges and uncertainties through regulation. Through its FinTech (Financial Technology) Strategy, Qatar has sought to embrace DLT, but its regulatory approach also remains cautious. Trade Finance is an ideal business process to be disrupted through the benefits of DLT and especially Blockchain technology, since its processes remain antiquated, inefficient and lack digitization. Blockchain as a form of DLT particularly offers the Trade Finance process not only more rapid, secure, cost-effective and efficient procedures, but importantly completely assures trust between importers and exporters and removes the requirement to place such trust in third-party intermediaries. Qatar can reap considerable economic benefits through the enhancement of its Trade Finance regulations enabling the adoption of such Blockchain technology. As such, the authors propose a roadmap and manual for the governance of the Trade Finance Blockchain ecosystem in Qatar. The authors propose multi-layered governance approach to the regulation of Blockchain in Qatar by (1) embracing international regulations and standards; (2) replicating foreign regional and national rules that are appropriate and innovative; and (3) applying sandbox regulations to Blockchain products and services.
AB - Nations worldwide have sought to capitalize on the benefits of distributed ledger technology (DLT) including Blockchain, but struggled to strike a balance between encouraging investment and innovation in the technology while addressing the challenges and uncertainties through regulation. Through its FinTech (Financial Technology) Strategy, Qatar has sought to embrace DLT, but its regulatory approach also remains cautious. Trade Finance is an ideal business process to be disrupted through the benefits of DLT and especially Blockchain technology, since its processes remain antiquated, inefficient and lack digitization. Blockchain as a form of DLT particularly offers the Trade Finance process not only more rapid, secure, cost-effective and efficient procedures, but importantly completely assures trust between importers and exporters and removes the requirement to place such trust in third-party intermediaries. Qatar can reap considerable economic benefits through the enhancement of its Trade Finance regulations enabling the adoption of such Blockchain technology. As such, the authors propose a roadmap and manual for the governance of the Trade Finance Blockchain ecosystem in Qatar. The authors propose multi-layered governance approach to the regulation of Blockchain in Qatar by (1) embracing international regulations and standards; (2) replicating foreign regional and national rules that are appropriate and innovative; and (3) applying sandbox regulations to Blockchain products and services.
KW - Blockchain
KW - Financial technology
KW - International regulations and standards
KW - National regulations
KW - Qatar
KW - Sandbox regulations
KW - Trade finance
UR - http://www.scopus.com/inward/record.url?scp=85114634371&partnerID=8YFLogxK
U2 - 10.1057/s41261-021-00165-1
DO - 10.1057/s41261-021-00165-1
M3 - Article
AN - SCOPUS:85114634371
SN - 1745-6452
VL - 23
SP - 419
EP - 438
JO - Journal of banking regulation
JF - Journal of banking regulation
IS - 4
ER -
