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Editorial

Russia’s Yugra Region Set to Launch Blockchain-Powered Tourism Platform

The Khanty-Mansiysk Autonomous Okrug-Yugra will be launching a blockchain-oriented tourism platform. The news was recently announced by Russian media outlet Tass.

According to the report, Roman Genkel, the general director of Yugra’s development fund, and Alexander Borodich of the startup Universa, signed an agreement to launch this futuristic platform. The signing occurred during the recently held St. Petersburg International Economic Forum.

True Transparency

In Universa’s official blog post, the blockchain system will allow the tracking of investments and public spending in the interest of true transparency. The startup explained that using distributed ledger technology to tag money will ensure investments and government grants are protected against misuse.

It has been reported that Universa will be designing the platform with the support of various languages integrated. The company is said to aiming to connect all participants in the tourism industry, from accommodation and transportation providers, catering companies, suppliers of tourism services and products, investors, and the tourists themselves.

Blockchain To Change Tourism Industry

The move should not come as a surprise as the country has been keen on blockchain technology. In 2017, Oleg Safonov, the head of Russia’s Federal Agency for Tourism, stated that blockchain has the capacity to change the tourism industry.

The country seems to be following on Dubai’s heels. The Middle Eastern country is reportedly rolling out a business-to-business tourism centered marketplace utilizing blockchain as part of its initiative to be ahead of other countries by at least a decade.

Looking to Adapt Cryptocurrency

Aside from blockchain, Russia is also looking to adapt cryptocurrency in its system. It has been reported that the head of Rosneft, a state-owned oil firm, declared that the company is looking into the possibility of using cryptocurrency to pay for oil in the near future.

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