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Press Release
Published March 03, 2018
View complete press releases list

Dubai plans to create blockchain marketplace for tourism

Date: March 03, 2018
Categories: Financial Technology, Islamic Banking, Technology, Transaction Banking
Keywords: Dubai, Blockchain

Dubai has announced plans to create a virtual B2B (business-to-business) marketplace for the travel industry, as part of its Dubai 10X initiative.

Dubai Tourism's Blockchain Marketplace aims to add an additional distribution channel for hotels in its first phase within the next 24 months.

Tourism chiefs said they aim to give global guests direct choice across the breadth and depth of the local tourism inventory, within a highly safe, transparent and real-time environment.

"It positions Dubai as a think-thank and innovation leader seeking to truly democratise travel," a statement said.

It added that the initiative will deliver a sophisticated Blockchain solution with smart contracting across multiple parties involved in the fulfilment of a travel itinerary, with transparent pricing, providing travellers the ability to create more tailored journeys.

The Blockchain Marketplace initiative aims to increase tourist numbers by offering more of Dubai’s inventory in real-time, at the right price while allowing smaller players to have equal opportunity in attracting customers.

It will also encourage more participation and companies to enter the Dubai tourism sector, including entrepreneurs – thereby increasing employment, the statement said.

Helal Saeed Almarri, director general, Dubai Tourism, said: “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 sectoral transformations due to the radical pace of technological disruption across every aspect of the consumer journey.

“In his launching of the 10X projects across government entities, His Highness Sheikh Hamdan bin Mohammed bin Rashid Al Maktoum, had noted that with this innovative model that reflects the creative potential of our nation, we are ushering in a new phase of development for government services by transforming a whole host of innovative ideas into reality.”

Dubai Tourism said it will be in close contact with all relevant regulatory authorities in Dubai and partners across government entities.

Re-disseminated by The Asian Banker from ArabianBusiness


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