Dubai Tourism (DTCM) has announced its plans to launch a blockchain-based virtual market system for the travel industry.

Part of Dubai’s 10X initiative, the initiative is aimed at democratizing travel through the use of cutting-edge technologies. It will enable Dubai to enhance distribution of its tourism inventory through a future-proofed virtual B2B (business-to-business) marketplace for the travel industry.

DTCM is going to implement the project within the next 24 months. The first phase will see the addition of an additional distribution channel for hotels.

According to Arabian Business, the project will focus on developing a blockchain solution with smart contracting across multiple parties involved in the tourism industry. By providing transparent pricing, it will enable travelers to create more tailored journeys.

“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,” Helal Saeed Almarri, director general, Dubai Tourism, said.

Recent reports also suggested that the Dubai Roads and Transport Authority (RTA) is also planning to tap into the potential of blockchain technology to build a vehicle lifecycle management system, as part of the 10X initiative.

The Dubai 10X initiative aims to position Dubai government entities 10 years ahead of the rest of the world in all sectors, propelling the emirate into the future by implementing today what other cities around the world will be implementing 10 years from now.