Transforming Russian Tourism through Blockchain Technology

Russia to use blockchain technology to elevate the tourist industry

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Oleg Safonov, the head of Russian Federal Agency for Tourism, looks at blockchain technology to uplift the tourism industry of Russia. He strongly believes that blockchain can transform the tourism sector using latest technologies.

Oleg mentions that Blockchain can be heavily used to enhance the standard of services given for tourists visiting Russia. He claims Russia can use these new technologies allowing tourists to deal directly with the providers of these services. This will allow the tourists to enjoy the travel without any hassle from middle-men or other such third parties. Oleg pointed out these things during the speech he made at Kazan Tourism Forum, in November 2017.

In his speech, he further mentions that the federal agency trust Blockchain to have a great positive impact on Russia’s tourism market. The transition will occur not in two years but will probably take five to ten years. This period can be used to improve product quality, lower costs and improve the provision of services on delivering the product.

Blockchain technology is a network of nodes or users. Each node stores their own copy of the data. A blockchain is a database which distributes among these nodes, and can store any type of data value .

Stance of Russia on cryptocurrencies and blockchain

The Russian government has displayed different views on cryptocurrencies and blockchain, from time to time.

The government is concerned about the transactions occurring in digital currencies. As a result, the country takes a careful approach towards cryptocurrencies. On the other hand, the government shows a positive view towards Blockchain technology. Meanwhile, a state-owned bank in Russia is looking into a possible way of integration with the Ethereum platform.

There is a pilot project to integrate the Russian land registry system with blockchain technology in the beginning of 2018. The Russian government conveyed this announcement on October 2017.

The Ministry of Economic Development drafted a circulation which states that Blockchain technology will improve the levels of information access on the Russian property registry. This will guarantee protection of property rights and improve the trust of local citizens’ in real estate market.

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