Tourism on a blockchain comes to life in Dubai

As part of a special 'Dubai 10x' project the city wants to put innovations into its tourism business
03 March 2018   497

Today, on March 3 Dubai has announced a unique project for tourism area - a Tourism Blockchain Marketplace. As the blockchain goes, such implementation will grant transparency and reactivity to the segment. All tourist organizations will be connected in a single decentralized network thus allowing clients to see realtime prices and choices when planning a trip across all of Dubai. In a way, the blockchain platform will equalize the market players by giving smaller tourist organizations direct access to the aforementioned platform.

Going beyond providing broader access to the global consumer, and opening up the domestic travel industry to new participants and innovative start-ups into the ecosystem – thus delivering value to Dubai in terms of higher and faster visitor conversion, and greater GDP impact.

 

Excerpt from Dubai Department of Tourism press release

The initiative will be set in close cooperation and communication with the government, allowing the regulators to confirm the compliance. On a side note, Dubai has already implemented blockchain into Dubai Land Department that commemorated the world's first government entity to rely completely on the blockchain.

Dubai 10x project will usher in a new phase of development for government services by transforming a whole host of innovative ideas into reality.

 

Helal Saeed Almarri

Director general, Dubai Tourism

Japan to Tighten Regulation Due to Zaif Hack

$ 62 000 000 worth cryptocurrency was stolen from the Zaif exchange few weeks ago
25 September 2018   83

Hacking of Zaif exchange is the reason for toughening control over the market by the financial regulator of Japan, Reuters reports.

The first measure taken was administrative sanctions against the exchange and its operator Tech Bureau Corp. The Financial Services Agency (FSA) has expanded the list of requirements for the latter, pointing out the need to identify preventive measures and search for the organizers of the theft.

Shortly before that, researchers of the Japanese financial company Tech Bureau Corp could not provide details of the theft of $ 62 million from the Zaif crypto exchange at the request of the FSA. The Osaka-based operator had to investigate the causes, consequences of the theft and options for compensating the victims. According to the Agency, the financial company could not cope with the task.

According to the Tech Bureau, the exchange was hacked on September 14 within a few hours. The problem with the server was discovered by the site staff on 17 September. Official confirmation of the incident and notification of the authorities was made only a day later.

Recall, the theft of $ 60 million from the Japanese stock exchange Zaif caused a surge of volatility of bitcoin. For a short time the price was able to overcome the distance of $ 400.