Governments and enterprises are searching different ways in order to benefit the most from blockchain technology. Now, Dubai has decided to announce the creation of a virtual Business-to-Business (B2B) Marketplace for travelers. The plan is part of the Dubai 10X initiative promoted by the government.
Dubai Blockchain Marketplace
The main intention is to add an additional distribution channel for hotels. The first phase of the project is ready to be tested. The Tourism chiefs have commented about this saying that Dubai tries to give travelers a direct choice across the depth of the local tourism options.
“It positions Dubai as a think-tank and innovation leader seeking to truly democratize travel,” reads a statement about the project.
The initiative is going to deliver blockchain solutions with smart contracting among the different parties involved in the fulfilment of a travel itinerary. Prices will be much more transparent, allowing travelers to create more suitable journeys for them and their families or friends.
The marketplace allows smaller enterprises to participate side by side with more important ones. That means that even the smaller players in the industry will have the same opportunities to attract customers. Furthermore, more companies that before were excluded from the market, now they will be able to participate and offer their propositions. That will increase the number of employees and the economic activity.
Helal Saeed Almarri, Director General of Dubai Tourism, commented:
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.”
His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, explained during the launching of the 10X project, that the innovative model reflects the creative potential of the nation. The main intention is to develop government services by transforming a lot of innovative ideas into reality.
Dubai Tourism will be in close contact with all the regulatory authorities in Dubai.