Presently, there are two powerful intermediaries that control operations in the travel booking sector. These are; Online Travel agencies (OTAs) and Global distribution systems (GDSs).
GDS is a B2B computerized booking platform, often used as the central access point for making and tracking various reservations made by consumers. To use these services, clients are usually expected to pay an additional fee on top of the charges they would pay if this intermediary were not present. Moreover, the security mechanisms deployed by GDSs are obsolete, making them vulnerable to database breaches by malicious individuals.
Concerning OTAs, the sector is dominated by two firms: the Priceline Group and Expedia. Unfortunately, these corporate giants are taking advantage of this duopoly to control market rates. In this regard, these two established a ‘rate integrity’ agreement, a deal which restricts companies from offering lower rates than Expedia and the Priceline Group.
What Is Kingcoin?
Kingcoin is a project that leverages blockchain technology to disrupt the online travel booking industry. By doing this, it significantly reduces the cost of tickets, as well substantially increasing dependability, transparency and security of transactions.
The Problems Kingcoin Seeks To Solve
The presence of intermediaries such as GDS and OTA significantly increase the charges levied on consumers in travel booking industries. Since the middlemen need to make profits, they often inflate the actual cost of booking. As a result, the client ends up paying more than the rightful amount.
Both GDS and OTA are subject to regular attacks by cybercriminals. Usually, these attackers alter client details or steal their identities. The primary reason behind this exposure is the incompetence of the existent security infrastructure.
Lack Of Transparency
Often, OTAs provide false information that ends ups misleading customers. For instance, a website may claim that all room are occupied, while an actual visit to the hotel website proves otherwise. Also, some business resort to underhand methods such as bribing in exchange for a higher listing on OTA websites.
Although it is rare, some clients may find themselves being forced off a flight or a hotel because of overbooking. This significantly inconveniences the customers.
The Kingcoin Solution
As mentioned earlier, Kingcoin will deploy blockchain technology to revolutionize the travel booking sector. First, this technology will eliminate intermediaries an establish peer-to-peer connections, resulting in lower fees as well as increased transparency. Additionally, distributed ledgers are renowned for their impenetrable security features which will guarantee the privacy and confidentiality of user information.
Kingcoin KGN Token
This is the native cryptocurrency of the Kingcoin ecosystem. Ownership of the KGN token equates to binge amber of the Kingcoin community.
The idea of Kingcoin was conceived in early 2018, after which the development of the alpha version of the platform started. Currently, in the second quarter of 2018, this project intends to launch the KGN coin, a digital wallet and list the token on major crypto exchanges. Once this is done, the team will list the KGN token on the Cryptopia exchange and embark on the development of wallet for android and iOS platforms. The platform is expected to become available to the public in the beginning of 2019.