Blockchain Technology Set to Significantly Change Russia’s Tourism

Blockchain Technology Set to Significantly Change Russia’s Tourism

Russia’s Federal Tourism Agency chief has recently expressed a lot hope on blockchain, which is set to transform the country’s tourism industry.

Greenpeace to receive digital currency donations
Blockchain Company Chain Introduces Sequence
Canadian Regulator: Fintech & Blockchain Need Open Data Access

Russia’s Federal Tourism Agency chief has expressed a lot hope on blockchain, which is set to transform the country’s tourism industry.

Oleg Safonov says the tourism industry is about to experience enormous improvements brought about by new technologies. According to him, blockchain technology will be the major driving force for the highly anticipated changes. Speaking at the Kazan Tourism Forum, Safonov was keen to note that the prediction wasn’t a personal take but rather an idea that’s shared by the entire agency.

Based on a report by TASS, a Russian state news agency, Safonov said he was convinced the federal agency will make serious changes in the tourism market. He further acknowledged the fact that the change will not happen in two years but in about a period of 5 to 10 years.

The agency’s boss particularly pointed out to blockchain’s decentralized network, which is devoid of intermediaries, a major characteristic that would facilitate higher efficiency and lower costs. Safonov says the technology will allow tourists, consumers and service providers to link directly, thus eliminating all possible intermediaries. According to him, this would improve the product quality, reduce the prices and make the providers more responsible in service provision.

Safonov’s announcement comes at a time when TUI Group, a giant tourism company, rolled out the blockchain program in its property management system. It’s only earlier this year that Russsia’s Prime Minister, Dmitry Medvedev ordered the ministry of Economic Development and that of Communications to undertake research and explore the viability of blockchain in public administration. Medvedev underscored blockchain’s potential as a groundbreaking technology that has led to significant transformations in the operation of large banks, corporations and state governments.

The prime minister also emphasized on the need to analyze the blockchain technology in order to determine how it can be applied in public administration and the rest of the economy.

Even as more companies work towards adopting blockchain technology in their operations, the Russian government is already working on its regulations. Blockchain is set to be implemented in 2019 in real estate and other viable applications. Russia’s Federal Agency for Technical Regulation & Metrology has formed a new technical committee that will be tasked with the responsibility of setting standards for blockchain technology operation.