Russia’s Yugra Will Open a Blockchain Tourism Platform with Universa for Tracking Transparency

The use of blockchain in various parts of the world is not limited strictly to the context of supply chain management and the financial sector as it has also found a home in the tourism and travel industry. More and more hospitality establishments accept crypto as a form of payment and several platforms now make use of blockchain in order to track flight data another transport-related information.

The latest development in this space is taking place in Russia as Yugra, a federal subject of the country has announced that they will be launching a tourism platform that will be powered by blockchain. According to the official announcement at the Saint Petersburg international economic forum, the general director of Yugra’s development Roman Genkel signed an agreement the CEO of Universal, a blockchain startup in order to launch the platform.

What's the Platform Does

Contrary to a lot of existing models that focus solely on the consumer aspect of tourism, this platform will be focusing mainly on the public sector and will track Investments to ensure that there is transparency within the industry as well as with local distributors.

“Tagging the money using distributed ledger technology will protect government grants and investments against misuse,”

said the firm.

The platform will also support multiple languages with the goal of making sure that all participants within the housing industry are connected to a single base and all the activities can be tracked. These players involved are those who supply the services and products that drive the tourism industry, the investors as well as the tourists themselves.

Blockchain and the Tourism Industry

It is not a great surprise that blockchain has found use within the tourism industry as it is one of the most robust and lucrative across the globe and cuts across various regions and people. This new platform will enable the study and the analysis of spending within the industry and benefits all players involved. For the suppliers in the tourist industry, they will be able to detect consumer trends ahead of time and see what products or services are most favored and those that are not as well as making sure that their business methods are cost-effective.

On the part of the consumers themselves, they will most likely receive better goods and services as their spending patterns can be adequately tracked and their preferences determined. For the country itself, better treatment of tourists will likely attract more revenue from that sector.

Russia is not the only region in the world that has seen the potential and this as in March 2018, it was announced that Dubai will be launching a virtual business-to-business marketplace that is focused on the tourist industry and makes use of blockchain in its strategy as part of an initiative to be ahead of other world cities in terms of technology and innovation.

Since everyone from hotels to airlines are starting to experiment with the use of blockchain within their business models, it is likely that blockchain will become a more integral part of the travel industry in the next decade should these models be successful.

Overall, this new platform is poised to be of benefits to both producers and consumers within the tourism sector and could help set a precedent for the use of blockchain in tourism for many regions across the world for many years to come.

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