Has it ever come to your mind that things you make use of everyday and those you are not even using are the brain works of people. This includes all the goods and services you are using or that are around you. Those that makes our lives easier and those that we admire to have, all these are the handworks of someone. Yes, they are the brilliant ideas of some and they are the connecting structure of the economic knows as Micro Small and Medium Enterprises (MSMEs). If there's anyone reading this now that doesn't have the basic knowledge of this, I will explain it better in this article. Let's get it on.
MSMEs is a business concept that encompass micro, small and medium size businesses of entrepreneurs with a sole aim of promoting their goods and services and also provides jobs for others in the small way that they can thereby forming an economic structure that connect the gap between the rich and poor and these MSMEs made up of closely 90% of registered business globally and accounts for forty percent of global domestic products of developing nations. Even with this economic influence of MSMEs, there are predictions that the sector jobs offers will increase up to 600 million and enhance the finances of average income earners in many folds.
Current Issues Facing MSMEs
With all the good things that I listed above about MSMEs, there are also challenges facing the sector and this issues have an overall negative impact inhibiting the growth of MSMEs and one of the most common issue facing is MSMEs is that they are underfunded. To come up with a business idea is far more easy but to fund the idea and make it a reality is the main issue, so most times what to do is to secure a loan in a reputable financial institution to fund the business.
Getting a loan seems easy but in reality it's not that simple especially if there's no tangible achievement associated to your business before which could give lenders about possibility of its success. This varies from one country to another but let me focus on South East Asia, especially Indonesia. In this country, the support giving by banks to MSMEs and startups is very very low and the main reason for this is because only 27.7% of business owners had credit history of their enterprise activities while only 12.8% of entrepreneurs from Indonesia have access to loan.
From my last paragraph above, I can bring to conclusion that the support giving to MSMEs and startups by financial institutions in Indonesia is very low which will definitely inhibit their growth and for this to change, here come a blockchain project which is working to solve the above identified problems.
Tokoin & Its Features
The name of this amazing project is [Tokoin] (https://www.tokoin.io/) and its goal is to come out with a customized, transparent and credible profiles of MSMEs with their credible and dependable reputation. Your question maybe why is this compulsory and the answer to it is that many lenders can't access the credit history of MSMEs for them to score their reputation in order to fund them.
Most MSMEs have a weak and even a low level of preparation and providing documentations necessary to build their reputational score. So, lenders are concern about the risk of investing their funds into a business with no tangible success history and what Tokoin is doing is to eliminate this concerns by helping MSMEs to build business reputations.
The integration of blockchain technology as the core innovation of the platform will be able to come up with new, and completely beneficiary relationships between MSMEs and financial institutions. All what lenders have to do is to go to Tokoin platform and access the details of the business which will be there without any iota of lies and provide all the information needed to know the enterprise better.
How Tokoin Platform Works
The first thing for a business owner have to do is to register his business in the platform and is very easy to do. You just need to fill out the registration form and provide all your personal information and also the information about your company. This information about your business will include its classification, registration, location etc. After registering successfully on the platform, a business ID will be given to you which you will always use to access your account and after doing this, you will be able to know and connect with other MSMEs within the ecosystem and meet many lenders and financial institutions who are reviewing many businesses that worth investing in within Tokoin ecosystem.
Tokoin Platform Benefits
The benefits of Tokoin platform are very visible for everyone to see. Because through MSMEs will be opportune to get funding or loans from banks and other legal lenders for their business . Also, they will have the chance to enhance the level and quality of their enterprise thereby creating more jobs which solve the problem of unemployment in a country and bridge the financial gap between the rich and the poor. Furthermore, as the platform of Tokoin continues to expand and evolve, there will be a huge database on the blockchain where each enterprise transaction histories will be the building blocks for increasing the level of their business reputation and become indisconnectable part of the Tokoin ecosystem.
With this, the creation of Tokoin platform will meet many number of conditions for banking institutions, their credit system and for many others engaging in trading activities using the leverage of blockchain transparency in their goal to fix the value of assets powering the operation of Tokoin ecosystem.
Tokoin Token
Tokoin Token known as TOKO will be the fuel that will powered the operation of the platform and its main use cases will be for users to perform tran with it in the platform as well as also receive as an incentives for registring and for the payment of new ideas and services offers within the ecosystem. With it, platform users will also be able to trade data and also organize various kinds of promotion which will further improve their reputation level and activities within the platform.
TOKO is an ERC20 compliant token and as a token, it can later be changed into a coin if Tokoin platform decides to develop their own blockchain protocol though I don't have details about the future possibility of this, you can get to know about the possibility by reading the technical document of the project. The total number of the token minted is 2 billion and 35% of it was sold during their public sales with the remaining tokens being in their reserve.
Conclusion
Without relying much about what those behind Tokoin have to tell us, they went further than this by furnishing us with already made product which is ready to be use either through web browser or through application which will soon be available for use. Concluding this article, all I will say is only one thing which is the creation of this project will definitely revolutionize and bring hope to MSMEs since all its features is focused on revolutionizing this sector of a nation economy.
Useful Links
https://www.tokoin.io/
https://www.tokoin.io/whitepaper/Whitepaper.pdf?id=05f5c9d62d22ae24ea82
http://t.me/tokoinglobal
https://twitter.com/TokoinOfficial
https://www.facebook.com/TokoinOfficial
https://medium.com/@tokoin
https://www.instagram.com/tokoinofficial
https://www.linkedin.com/company/tokoinofficial/
https://www.quora.com/profile/Tokoin-Official-1
Article written by Morrin
https://bitcointalk.org/index.php?action=profile;u=2587898