Oleg Safonov, head of Russia’s Federal Agency for Tourism, has predicted that blockchain technology will transform the country's tourism market.
Speaking at the Kazan Tourism Forum 2017, Friday, Safonov said that the tourism industry is on the verge of transformation from new emerging technologies, blockchain in particular. In a report by Russian news agency Tass, he argued that the technology could be used to enhance the quality of services to tourists.
Elaborating on the nature of the changes that blockchain might bring, the official explained that new technologies like blockchain will allow tourists to work directly with service providers, thus eliminating the need for intermediaries.
"This makes the product better in quality, less expensive and also increases the provider's responsibility for the product," he added.
Oleg Safonov image via Shutterstock
The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.