Tokoin - Helping MSMEs Growth
Introduction
Micro Small & Medium Enterprises are one of the major sector of economic driving forces in 2nd and 3rd world developing countries,including Indonesia. In fact,Indonesian Micro Small & Medium Enterprises(MSMEs) contribute 60.3% revenue to Gross Domestic Product(GDP) and 97% of the national labor.
Current Problem
Although these numbers shows a significant contribution to the country's economy, MSMEs are still facing major problems irrespective to the business side they are involving in.These entrepreneurs of these emerging markets still find it difficult to get the funding needed from financial institutions. Over than 40% of MSMEs in developing countries, including Indonesia, have not been accessed by financial institutions.
Solution - Tokoin
Tokoin in established to facilitate MSMEs and provide solutions to these unanswered aspects which are doing a great damage to the MSME sector. In the road to making a better environment for emerging markets,Tokoin gathered various parties,ranging from business people,financial institutions and the government,to combine the ideas of the people who are trying to elaborate on the problems faced by MSMEs in a Public Discussion titled “Business Solutions to Accelerate MSMEs in Emerging Markets”. Through these long discussions tokoin presented a solution to MSMEs with the use of blockchain. Tokoin is unlike any other projects because Tokoin aims facilitate MSMEs. By giving solutions to the difficulties that have dragged down MSMEs growth,Tokoin will become a blockchain project that is very beneficial for the world of the emerging MSME industry.
Mission
Tokoin's mission is to facilitate trustworthy data exchanges in a specified platform so that MSMEs will be able to meet their needs for financing and business services without complicating intermediaries. The more prosperous MSMEs’ economy will lead to the sustainability of a country’s economy.
Characteristics of Tokoin
Digital Identity (Business Profiles)
As a platform which optimizes blockchain technology to establish a valid identity for and reputation of MSMEs,Tokoin provides a solution that allows Tokoins users to establish a trusted profile with security for all stakeholders in the Tokoin ecosystem. By obtaining a Digital Business ID,MSMEs are able to record and keep track of their business processes in a digital ledger, while simultaneously distributing the credit scoring that they are building to other partners in the ecosystem of Tokoin.
Digital ledger (data)
The transaction data from business operations by MSME as our users are going to be kept digitally and simultaneously in a computerized record called a digital ledger. Any information, starting from the KYC to more detailed information,such as cash flow,sales and earnings,routine business purchases,will be recorded as valuable assets. Using the data in the digital ledger, it is possible in our ecosystem to generate interrelationships between all participants.
TOKO Token
TOKO is generated by ERC-20 tokens and can be converted onto certain main net protocols if the team decides that it is necessary. This way,TOKO will be converted into new tokens based on the new protocol. As a utility token,the use of TOKO is supposed to be within the ecosystem.MSMEs use TOKO Tokens to build credit scoring that can be used later to access business services.
Conclusion
In the modern business ecosystem,Tokoin allows MSME to have financial records similar to those of the banks. Every transaction that is initiated on Tokoin’s platform is accurately recorded with timestamps. Therefore,Tokoin facilitates MSME to have a better record of financial transactions as a form of credit history to build the credibility status of their business. By doing so aiding the MSMEs to stand up and grow into bigger organizations and provide a more to the economy of the country.
Website: https://www.tokoin.io/
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Author’s Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2618551