Reputation otherwise put in a layman’s language “what people say about you” is something that everybody must guard jealously. It doesn't matter if you're an individual or have a company that you represent. You must begin to "give a listening ear to what people perceive of you and your business.” Doing so gives you considerable insight into your shortcomings. That, in turn, helps you to take appropriate steps to fix the downsides.
On the other hand, reputation is the lifeblood of every business, in that it can make or mar such an outfit. Sadly, only a few business owners, especially startups, have been able to realize that. Hence, that triggered the quest by the Tokoin blockchain to create a viable reputation system for Micro, Small, and Medium Enterprises (MSMEs). On that note, I welcome you to this review, where we would look at the feasibility of the structure regarding Tokoin’s disposition to change the reputation narrative for startups.
The Market Opportunity
Let’s consider the market opportunity or problem that facilitated the move to create a reputation system for emerging companies.
First, any company, especially startups that don't have a valid medium of deciphering its operations may find it hard to gain the trust of the principal stakeholders in the trade industry. By that, such a business may not be viewed as being honest by customers, while suppliers would find it hard to sell on credit to them.
The second and most disturbing is the inability to assess loans from investors. Aside from being sceptical about recovering their capital before thinking about the Return on Investments (ROIs), investors are also scared about investing in a company that may be a scam after all.
Where Does Tokoin Come In?
Tokoin comes into the picture as a blockchain-backed platform that uses the distributed ledger to identify emerging companies/startups that are genuine. It does that through a suite of architectures, of which the Digital Business Identity is the most feasible.
The ID specifies that any startup that wants to build/create a digitized profile on the Tokoin blockchain must sign up through the Tokoin dApp. After that, the platform (Tokoin) begins to monitor every business transaction made by registered companies. It then proceeds to compile those and publishes them on the dApp.
Afterwards, investors that are looking for companies to invest in or investors that have been approached by businesses for loans would look at the companies’ profiles on the Tokoin dApp. They do so after staking some amounts of their Tokoin Token (TOKO) to get the access. They can then through the data therein, decide to invest in the company or not.
Also, the publicity of the data empowers other participants, such as buyers, service providers (merchants and logistics companies) and service providers (advertisers and insurance providers) to be sure of the standing of the companies they intend having a transaction with.
Build Your Brand’s Reputation on the Tokoin Blockchain
Undoubtedly, reputation or public opinion of your business is something you MUST never take for granted (emphasis on “must”). So, take a cue from the Digital Business Identity network of the Tokoin blockchain. That way, you would have a solid background to your reputation, while gaining the trust and partnerships of other participants in the Tokoin business ecosystem. Tokoin's Token, TOKO is trading on Kucoin and Coinexchange and in my own opinion, it's good for long term hold. Do your own research and decide whether to add some to your portfolio or not.
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