Tokoin’s Product
TokoBITS Is Launching In No Time! What’s Next?
We’ve announced that TokoBITS will be available on your hands in just a few moments! But did you know that we’ve got so much more planned out for next year? Here are the plans!
As a project whose vision is to accelerate the MSME sector in Indonesia, Tokoin exists to solve the critical roadblock that the MSME sector faces, which is the difficulty in securing loans from banks due to the absence of any formal long-term credit history. To solve this problem, we have created blockchain-based identity management and transaction tracking system, which would help them establish verifiable reputation scores for banks to process when considering their loan applications. But our work doesn’t stop here. We want to make it easier for these entrepreneurs to manage their trade and optimize their business practices, which would, in turn, lead to higher returns for them and a flourishing MSME sector for Indonesia. After all, the medium, small and micro-scale enterprises account for more than 50% of the GDP here today!
In our last article, we spoke about our TokoBITS for tablets and mobiles. The primary purpose of the app is to record the complete details of all transactions undertaken by a business, right from the moment the order is placed till the point the payment is completed. Different from the other transaction recorder applications, TokoBITS will come with other features, that will allow business owners to manage sales and inventory, analyze their consumer trends, create thorough sales reports, keep track of supplies, and much more.
The launch of the TokoBITS app is our first step as we go on to deploy the entire suite of Tokoin apps and services. The soft launch will happen in the upcoming series of Tokoin Community Meetup. We have so much more waiting in the wings. Here is a brief summary of what we have planned for the next 12 months.
Supplementary Apps
In Q4 2019, we will launch our Dashboard, Customer Display System (CDS) and Kitchen Display System (KDS) apps. These are supplementary apps on the Tokoin ecosystem, which are meant to improve both the ease of doing business and the user experience. The Dashboard app will enable business owners to instantly see the inventory and sales summary, whenever and wherever they want. KDS and CDS are specialized apps meant specifically for restaurant businesses. CDS will display the order list to customers through our TokoBITS app, and KDS will route customer orders directly to the chefs. Together, they will streamline communication in the kitchen, increase productivity and reduce the scope of human-induced errors.
Tokoin Wallet
TOKO Token will be the medium of making transactions for anyone who uses the services of Tokoin’s blockchain platform. Right now, you can store your TOKO Token in a Trust Wallet, MyEtherWallet, in your KuCoin exchange account, or in other ERC-20 supported wallets. For better integration into the Tokoin ecosystem, we are launching our own crypto wallet in Q4, 2019. Using our wallet, not only will you be able to store your TOKO Token safely, but also make a contribution to the Tokoin-based services effortlessly and securely.
TOKO Token as a Means of Transaction
Starting from Q1 2020, you will be able to incorporate TOKO Token as a transaction means for your goods/services. It can be done through loyalty, vouchers or point programs. This is going to be a significant achievement for Tokoin, in our quest to expand the Tokoin ecosystem to other countries. Blockchain does not have any jurisdiction, and TOKO Token represents a means of borderless transactions. For now, you’ll be able to do the transactions with the supplier of your local goods through TOKO Token, but as we sail beyond the shores of Indonesia, TOKO Token will empower you to import goods from manufacturers of your choice with just a click on TokoBITS app.
Tokoin Integration with Marketplaces
The MSME industry includes a host of ancillary industries, such as warehouses, material suppliers, transport services, and so on. The marketplace will bring all these players on one platform by integrating it with Tokoin. Apart from the enterprises themselves, the marketplace will also integrate TOKO Token for the loyalty program in Q2 2020.
Integrating BharatPe’s Cashless QR Code
India is another nation with a booming MSME industry. In fact, the MSME sector in India is the second-largest in the world, only after China. The problems faced by MSMEs in India are similar to the ones in Indonesia, which makes us believe that we can make a difference in the Indian market as well. To help us work with the Indian enterprises, we are in active talks with BharatPe, an Indian Fintech company serving offline retailers and businesses. BharatPe’s payments solution empowers merchants to accept UPI payments using QR codes to their bank accounts instantly. We plan to integrate into BharatPe’s cashless QR code-based solution into our platform by the end of Q2 2020. Tokoin and BharatPe share a similar vision of aiding small scale businesses, and this partnership would be one of mutual benefit.
Credibility Scoring System
The TokoBITS will allow businesses to create their Digital Business Identities and record transaction details on the blockchain and give full control of the data to the business owners. Our aim is to go one step further and create credible reputation scores for them. Banks have a meticulous system (based on credit scores) which they use to evaluate the potential risk involved in lending money to businesses or individuals. Our credibility scoring system needs to possess the same amount of diligence, otherwise, banks wouldn’t trust our credibility scores, and the entire purpose of Tokoin would be defeated. Such a scoring system requires rigorous testing and a significant amount of transaction data as a sample set. We are in the process of developing and testing our Credibility Scoring System, and plan to deploy it by Q4 2020.
Tokoin Exchange
Tokoin is working with one of the world’s leading crypto exchanges to launch our own exchange specifically for the Southeast Asian market. Indodax is the only prominent exchange in Indonesia today, and we want to offer more liquidity in the Indonesian crypto market through our own exchange. We are also planning on having an OTC desk, to facilitate large order trades which might cause excessive price fluctuations in ordinary exchanges. Both the exchange and the OTC desk are supposed to be launched in Q1-Q2 2020.
So, What’s Next?
As we move from 2019 to 2020, we have more exciting products and features to roll out, and more thrilling news to share with you. Of course, there’s no fun in telling everything at one go. To know more about what we are hiding in the bag, stay tuned with us!
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