When it comes to embracing and adapting new-age technology, Dubai has been one of the biggest and most prominent countries. One of the most technologically advanced regions, not only in the middle-east but in the world, Dubai has never backed out from trying new technologies. The city has now embraced the blockchain technology - and is aiming to set up a blockchain marketplace.
Governments across the world have been trying to figure out ways of maximizing their earnings via the use of blockchain systems. The Dubai government has figured out that there is a huge demand for blockchain technology around the world and now wishes to assume the global leadership in that sector. The country wants to become a hub for ‘blockchain tourism’. This blockchain marketplace will be set up in Dubai under the Dubai 10X initiative, which is being promoted by the government.
The Dubai 10X initiative is explained as: "Guided by the vision of His Highness Sheikh Mohammed bin Rashid Al Maktoum, Vice President and Prime Minister of the UAE and Ruler of Dubai and his powerful future-focused agenda to Dubai 10 years ahead of its competitors, we at Dubai Tourism are determined to carve a reputation as global leaders in tourism innovation, exponentially accelerating our digital, mobile and social first strategy," said Saeed Almarri, director general of Dubai Tourism.
The primary intention of this project is to add an additional channel of distribution for hotels. Blockchain powered platforms with smart contracts will allow various parties involved in a travel itinerary to easily manage all the needs of the tourists. The first phase of this project is all set to be tested.
With blockchain technology infused into the travel and tourism industry, it makes it easier, as well as more transparent for travellers to understand their itinerary. Even the pricing will be made more transparent which will ensure that travellers do not get duped. Travellers can consider all the options that they have and they can create the perfect trip.
With a blockchain based marketplace in tourism, it provides smaller businesses a fair chance in the markets as they can now stand alongside the market giants - providing even smaller businesses with an opportunity to attract clients. Companies that were previously excluded from the market, too, will be able to participate here.
Dubai has been a country which has been heavily dependent on tourism. The sector has been one of their biggest and most profitable sectors, contributing about 10% of the economy of the region. The government too wants to ensure that this is something that remains a key priority for them and with the help of blockchain technology, they will bring transparency into tourism, helping tourists plan more effectively and more transparently.
“We at Dubai Tourism are determined to carve a reputation as global leaders in tourism innovation, exponentially accelerating our “digital, mobile and social” first strategy. Today, travel is undergoing one of the most emphatic sectorial transformations due to the radical pace of technological disruption across every aspect of the consumer journey.” Saeed Almarri stated.