At the moment there are so many blockchain-based systems created for different purposes, but there is one platform that has a lot of prominence and promises to be a game changer in the access and distribution of data is Tokoin.
Problem:
Data is important for businesses to thrive, and it is also important for the data to get protected regardless of whether it is in Ecommerce, Retail, B2B & B2C, MSME, etc. Whenever a business transaction is initiated over the internet, such transaction is made up of data, especially private data and other forms of data from the sellers, buyers, orders, etc, and there are people looking for ways to intercept such data, and use for illegal purposes. In centralized systems, the data gets stored in a place, and hackers only need to hack into the centralized database in order to gain access to the data. Furthermore, we are well aware of the fact that MSMEs, emerging markets, etc. do not have the right infrastructure to use for the creation of digital assets and valuable data needed for the development of a reputable outlook.
Solution:
By default, the blockchain technology is a decentralized distributed ledger system that has a high level cryptographic protocol for security, and transactions are transparent, traceable, and cannot be altered or manipulated (immutability)
Tokoin is making good use of the blockchain technology to bring sanity and decorum to the trading ecosystem.
Why Tokoin?
We are well aware of the fact that there are several similar systems set up for the same purposes, so the question is what makes Tokoin unique? Here are some features of Tokoin that makes it stand out:
• MSMEs get the platform to create a reputation profile which will help suppliers, service providers, banks, investors, etc. identify with the MSMEs, and thus help inform their decision to build a relationship with them.
• A lot of MSMEs and emerging markets are having a hard time surviving, because they do not have access to proper funding, and this is due the fact that banks have setup systems that do not favor emerging markets and MSMEs. Tokoin seeks to deal with this by helping to build the credibility of the MSMEs, and thus make them able to apply for loans.
• Data is gold, and with Tokoin, verification of data can be done on the blockchain-based platform, and such data can be leveraged for the creation of a solid business reputation needed for scalability and expansion of the emerging markets.
• Creation of a credible digital identity that will facilitate effective transactions via partnership and other avenues is also another great feature of the Tokoin Dapp.
Functionality:
The Tokoin ecosystem functions based on the interactions between three main participants within the ecosystem:
• Financial Intermediaries
• Suppliers
• Service Providers
The interrelationship between the participants functions like a triangular system, with the exchange of data happening between the participants. With the use of Toko tokens, partners are able to purchase data through the Tokoin Dapp.
Effects on the Global Economy and Large Corporations:
The world is a digital community, and it only takes the right move from one system to cause a paradigm shift with ripple effects, and this initiative from the number one Indonesian blockchain startup (Tokoin) has all it takes to make the economy better for everyone, not just because it is a blockchain-based platform, but also because it brings a lot of value to MSMEs and emerging markets, which will encourage startups, encourage more MSMEs to join the blockchain community, and overall get large corporations to invest in and partner with the MSMEs, because they can see how credible they are, and thus make access to funds easier for them.
Tokoin has all it takes to help merchants become successful, and while there are several other blockchain startups in Indonesia, this is one that offers more value and educates MSMEs about the amazing benefits of the blockchain technology. Tokoin has the potential to grow and become a tool for economic growth worldwide.
Tokoin is currently trading on Kucoin exchange and if you would like to learn more about Tokoin project, you can read their Whitepaper, or visit their Blog to be up to date with all the latest announcements and news.