Dubai has announced plans to launch a blockchain-based virtual business-to-business marketplace that is designed specifically for the travel and tourism industry. The project is part of the Dubai 10x initiative which aims to make the city to be ten years ahead of other world cities. Blockchain technology has always been an integral part of the 10x initiative which puts an emphasizes on disruptive technology and innovation to achieve their stated aims. Already, Dubai has undertaken a number of blockchain implementations in several aspects of governance and commerce with the travel and tourism industry a main point of focus due to city’s tourism potential.
Harmonizing the Travel and Tourism Industry
As part of the plan, the Dubai tourism blockchain marketplace is being designed to create a robust and functioning distribution channel for hotels in the city. The blockchain marketplace aspect of the plan is expected to be completed within the first two years. All stakeholders in the industry will be connected via a blockchain network thus harmonizing the entire industry. One major advantage of doing this is that it will provide tourists with real-time pricing as well as easy access to a variety of choices from the Dubai tourism catalog.
In a press release from the city’s Department of Tourism, the blockchain marketplace was described as having the potential to providing the global consumer with greater access to the city’s travel industry. The statement also said that the plan would deliver many of social and economic benefits to the city leading to a net positive “GDP impact.” According to the statement, the plan will position Dubai as a leader in the democratization of the travel industry. With the aid of sophisticated contracting protocols, the ability to fulfill all the aspects of any travel itinerary within the city will be significantly enhanced.
Enhancing Dubai’s Tourism Sector
Helal Saeed Almarri, the director general of Dubai Tourism, said that his department is focused on making the city to become a global leader in the tourism industry. He also stated that there was a lot of attention being paid to accelerate the city’s ‘digital, mobile, and social’ first strategy as a vehicle for driving the enhancement agenda of the city’s tourism potential. He acknowledged the level of disruption and transformation being brought about by technological innovations in the industry.
The tourism marketplace initiative has the added advantage of opening up the travel and tourism industry. The tourism marketplace will encourage greater participation in the city’s tourism sector. Smaller organizations will have equal opportunities in the truly democratized blockchain marketplace landscape which means more employment opportunities in the industry.
The 10x Initiative
On the subject of the 10x initiative, Helal Saeed Almarri believes that it will transform both the government and private business sectors in the city. He stated that the many innovative ideas that are being implemented as part of the initiative would help to bring to reality many crucial transformations within the city. According to the director general, Dubai Tourism will be in close contact with the government and all other stakeholders in order to make the tourism blockchain marketplace a reality.