Dubai is about to launch a virtual business-to-business tourism marketplace using Blockchain technology as another part of its Dubai 10x initiative “to be 10 years ahead of other world cities”, the local newspaper Arabian Business news report today, March 3.
The Dubai Tourism Blockchain Marketplace plans to add an “additional distribution channel for hotels” over the next two years, connecting via Blockchain all tourism organizations involved in travel planning, offering customers transparent and ” real-time ” pricing and choice in Dubai’s tourism inventory.
The Dubai Ministry of Tourism press release describes this new tourism initiative as follows:
[going] beyond providing broader access to the global consumer, and open[ing] up the domestic travel industry to new participants and innovative start-ups into the ecosystem – thus delivering value to Dubai in terms of higher and faster visitor conversion, and greater GDP impact.”
According to Arabian Business, the Tourism Blockchain Market project will enable small organizations to have equal opportunities to bring in tourists and increase employment in Dubai’s tourism sector as a whole.
Helal Saeed Almarri, Managing Director of Dubai Tourism, said that the Dubai 10x project will “[usher] in a new phase of development for government services by transforming a whole host of innovative ideas into reality:”.
Arabian Business notes that the Dubai Tourism Blockchain Marketplace has stated that it will keep in touch with government regulators while implementing the latest initiative.
By the end of February 2018, Dubai’s Roads and Transport Authority (RTA) had declared its own programme to launch a vehicle life cycle monitoring system based on the Blockchain technology by 2020, which is also part of the Dubai 10x initiative.
While Dubai hopes to become the first blockchain government by 2020, Dubai and the United Arab Emirates (UAE) issued regulatory notices in the fall of last year about the risks linked to cryptocurrencies and initial coin offers (ICOs), due to the potential use of the crypto for criminal activities, given its anonymity.