What is Tokoin? Why is it So Important for The MSMEs Business Ecosystem?

In this 4th industrial revolution, technology has become an important aspect of life which has brought convenience, including the business world. The industrial revolution has liberated human beings from dependency on animals’ power, and mass production is no longer a myth as digital capabilities are leveling up among billions of people.

The 4th industrial revolution, or commonly known as the Industry 4.0, represents a combination of cyber-physical systems, the Internet of things, and the Internet system itself. In brief, machines are integrated with the Web connectivity and systems which can visualize the entire production chain.

Throughout history, every industrial revolution brought changes to the way people live, work, and communicate. As for Industry 4.0, the evidence is marked by the many dramatic changes that occur at an exponential speed. This newest revolution has fused together with the physical, digital, and biological worlds, affecting all disciplines, economies, and industries and even confronting the ideas about what it means to be human beings.

However, the exponential speed of innovation will mean nothing if it is not followed by a well-secured system. In this tech-industrial phase, the security of digital assets is mandatory. As data have become the world’s most valuable resources, the security of data should be on top of priority. Considered as assets, data supposedly give their owners and users advantages. Nevertheless, a weak security system can make the data easily stolen and misused by irresponsible individuals or groups, and data will no longer be beneficial for the data owners.

As a platform which optimizes blockchain technology to establish a valid identity for and reputation of MSMEs, Tokoin offers a solution that allows Tokoin’s users to establish a trusted profile with security for all stakeholders in the ecosystem. Currently, in the world of MSMEs, there is one complex issue which cannot be solved easily, which is that the need for transaction data capture causes a roadblock in the MSMEs system itself. By leveraging blockchain which emphasizes on its decentralized capability to give incentives to users who contribute to the network, Tokoin plays its role by providing the correct data.

The replication multitude of transactions could be made within minutes yet guarantee data integrity needed by MSMEs. This way, they could leverage their business in a sustainable way. By using blockchain, it also means that Tokoin implements encryptions that enable the system to transact faster but also more securely.

Tokoin carries missions to help MSMEs in building a trusted profile with integrity, providing a virtual ledger for each user’s transaction, eliminating financial inclusion barriers, and increasing economic capabilities of the whole MSME ecosystem.

To achieve the missions, Tokoin provides a pooled-data platform that presents real-time data of users’ activities (e.g. buyers’ profiles) with encryptions which secure data exchange that happens on the platform as the data can only be accessed with the permission from the data owner.

In the data exchange activities, MSMEs will act as data suppliers and benefit from: (1) Creating a credible business profile by processing users’ non-financial data to build a credit scoring; (2) obtaining easy access to funding applications; (3) getting a lower price through aggregated buying; and, (4) earning points for carrying out transactions, which can be redeemed as discounts or services.