Tokoin - A solution to accelerate the growth of micro, small and medium-sized enterprises in developing countries

in #bitcoin • 5 years ago

Are there any business owners among you? What business do you have? Now I'm interested in the owners of small, small, medium-sized businesses. It's no secret that the owners of such a business very often face a huge lump of problems. At the heart of everything lies distrust, both on the part of the buyer, and on the part of banks and creditors. If everything is clear with the former, and over time, a certain group of people can be formed who will trust this business and use its services or buy products, then things are a little different with banks and creditors.

We all know that a business often requires some resources, mostly of course it is cash. And it happens that at the moment there is no money to buy goods or you need to open another point, but there is no free money. What to do in this case? The owner goes for a loan, asks for support from private investors, from banks, cooperatives, etc. But MSME is a business area that looks very suspicious in the eyes of lenders and you need to earn trust from them so that they consider investing in your company. After all, this is very risky, MSME often go bankrupt, can be created as one-day firms, by and large it is a rather risky investment, and no one wants to lose money. That is why there is a place to be a project like Tokoin.

Tokoin is a project that is being developed as a platform that establishes an identity in the world of digital business and provides the opportunity to create an MSME reputation, as a quality of assessing the possibility of trust, both for suppliers and financial institutions. You can create a digital profile for MSME that will represent your real business reputation.

What problems can Tokoin solve?

Here are just a few of them:

  1. High standards for obtaining additional financing - after all the crises that have passed in the world and which are brewing, banks and other financial institutions are not particularly ready to support MSME if they are not 100% sure that this will be profitable or at least not lead to losses. And how to prove it, how to convince that this business can be successful? No one believes in words. Here we need papers, contracts, a strong credit rating, and much more. But, most of this is not yet, or the indicators are not sufficient to be able to rely on them somehow. In most developing countries, the lion's share of the MSME market suffers from this.

  2. The greater complexity or impossibility of scaling up a business - the volumes of supplies and purchases from such enterprises leave much to be desired. If large enterprises have entire departments involved and financing is calculated in huge amounts, few people want to deal with MSME. Small volumes of purchases do not affect suppliers; however, in turn, it makes no sense to give good discounts on bulk purchases, such as those received by large enterprises. This implies a huge number of problems that need to be addressed, this inhibits growth and development.

  3. Lack of support - whoever believes such a business, the right answer is no one. Banks do not believe, suppliers, too, and the end consumer, on the basis of all this, is also not particularly ready to trust such enterprises. This is problem.

But all these problems, one way or another, have a solution. And Tokoin is just the project that offers it.

I have already said that blockchain technologies are capable of solving tasks with confidence. In general, I am very pleased to see how these technologies come to our world. Into businesses, and introduces new into the interaction of businesses based on B2B & B2C.

So what will Tokoin give its users?

This system (platform) will introduce Tokoin as a kind of backbone for collecting and disseminating data. All transactions will be recorded in the Tokoin system, this will provide an opportunity to protect all participants with the blockchain system, in which tokens will act as a kind of guarantee of trust. All participants benefit from cooperation, regardless of their ultimate goal:

  • Partners - get the right and objective data
  • Users, in turn, will gain access to business expansion opportunities and have a chance at getting financing.

With transactions, Tokoin continuously records information about data and transactions. Each recorded transaction contains all the data exactly and is open and without the possibility of making changes, which guarantees honesty and openness. The whole platform will work and store data in the blockchain system using the principle of decentralization. MSME users only need to create and fill out their profile, create transactions, after which they can protect the reputation of their profile. Since the profile information will be backed by an asset. Partners, as service providers, add tokens to receive data to determine the reliability of their potential customers.

Let's talk a little bit about the project team now. The team was pretty good with a lot of experience. Cool entrepreneurs and people who are well aware of banking and are closely related to blockchain technology.

Tokoin MSME Solution

As I said at the beginning, the creators of Tokoin, unlike many other crypto startups with similar intentions, decided to use the digital identity path as a possible solution to the problem.

Digital identity involves the use of blockchain to create a single database of all entrepreneurs working in the MSME sector. In this database their information KYC and AML, a description of their activities, as well as data on cash and turnover will be recorded. At the same time, thanks to the blockchain, all this data will be reliably protected from hacking and theft.

Thanks to Tokoin’s digital identity, MSME entrepreneurs will be able to build relationships with banks and partners much better, as they will see their full financial statements without fakes and, therefore, will be able to trust each other more. Also, trust in companies will increase on the part of buyers and customers. And, of course, the introduction of such a single base will help large corporations build more confident relations with small and medium-sized businesses in the future.

It is worth mentioning right away that the Tokoin platform will help MSME develop entrepreneurs not only working in the retail marketplace and e-commerce, but also using B2B and B2C business models.

In addition, Tokoin will also collaborate with many B2B partner firms that deal with logistics, warehouses, legal advice and more, so that young businesses can receive better services for the development of their companies.

Output

In general, the project looks good. A lot of discussions around the project, the team is open and arranges AMA sessions, this is a positive sign for any project. Several major conferences speak in favor of the project. In general, I like it. At the same time, an exchange like Kukoin supports this project, and that also says a lot. In general, I think it's worth taking a closer look at this project. Carefully study all the information, especially since it is all in the public domain. Remember, all investments are made at your own risk. I just bring you information. Good luck and may the blockchain power come with us.

More information on the project TOKOIN please visit their website listed below

Author

• Bitcointalk username: sachindu amarakoon
• Bitcointalk profile: https://bitcointalk.org/index.php?action=profile;u=2053287
• Telegram username: @sachindu15
• Myetherwallet: 0x77BF6EB201EE97DdD62Fa5d3c9484a2C5BF6F4D0

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5 years ago in #bitcoin by
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