Hashgraph Association to explore five crypto use cases in Qatar

The Hashgraph Association is exploring five digital asset use cases in collaboration with stakeholders in Qatar over the next year.

These efforts will focus on tokenizing assets such as stocks, sukuk and real estate, as well as sustainability-related projects such as carbon credits and consumer engagement programs, Hashgraph reported.

Sukuk are Islamic financial certificates that are similar to bonds and comply with Sharia law by offering returns through asset ownership rather than interest.

Hashgraph Association is a non-profit company that supports the Hedera (HBAR) platform. According to Hashgraph, this partnership, which includes the Qatar Financial Center, aims to bring Qatar into the global spotlight for digital assets and Distributed Ledger Technology.

Qatar introduced a new digital asset regulatory framework to regulate tokenization, custody, and exchange on September 2. Developed by the Qatar Financial Centre Authority and Regulatory Authority, the framework included multiple stakeholders and legally recognized tokens and smart contracts.

Tokenization of assets

For those who don’t know, tokenization refers to the process of converting real-world assets, such as real estate or financial instruments, into digital tokens that can be easily bought, sold, or managed on blockchain networks.

Using tokenization in these use cases can increase transparency, reduce costs, and make investments more accessible.

According to Hashgraph, over the next twelve months, the Hashgraph Association will lead projects addressing five areas of interest: equity, Sukuk, real estate, sustainability, and consumer loyalty. These initiatives represent a significant step towards integrating blockchain technology into daily business and financial activities in the region.