Blockchain Technology Adoption in the State of Qatar : Qualitative Risk Analysis

Abstract

Businesses may gain from implementing Blockchain-based technology in terms of profitability, productivity, and efficiency, which may cause them to re-evaluate their current business strategies. However, because the technology is still evolving and there needs to be more study on the effects of the various Blockchain networks (such as public, private, and consortium), their significance in developing new business models needs more consideration. In this article, we identified the potential risks/opportunities associated with Blockchain adoption in the state of Qatar through the standard technique of Qualitative Risk Analysis suggested by the Project Management Institution (PMI) using a standard (5 x 5) probability impact diagram (PID) with seven areas of impact namely Cost/Budget, Schedule, Quality, Customer Satisfaction, Business Continuity or Service Disruption, Governance & Compliance, and Environment. We found that circa 84% (i.e. 10 risks) of the most significant risks are related to the organisational and environmental risks, while only 16% (2 risks) are related to the technology itself. Our research highlights the benefits of Blockchain advancements to decision-makers for strategic planning.