Business Concern, An Emphasis in Data Record

“Welcome to Cafe Budi! Oh hey, Jelita! I see you’ve brought a friend.”

Greeted with a warm smile and friendly greeting, Jelita introduced her friend to Budi.

“Hello, Bud. This is Ani, a friend of mine who also runs a business, an online shop.”

“Ani, well that’s a pretty name, also an easy one to remember. Nice to meet you, I’m Budi, at your service. May I take your order now?”

“We’d like two Kopi Susu, please.”

“It will be ready in just a moment.”

After the door opens and the brass bell rings,  that’s how Budi always greet each of his visitors, slightly bowing and with a friendly smile offering them to order. That way, the customers are well acknowledged, to create a familiar atmosphere for the customer. As mostly, coffee shops and cafes like Budi’s utilize this aspect to maintain their customers.

Having a close relation with his customers is very important, while still have to synchronously keeping track with the whole business operation. Budi realizes that he needs to be very efficient and very strategic so that he does not lose track of every issue that occurs. This requires a programmed system or infrastructure that is not only fast and easy to use, but also highly useful especially to record transactions and to monitor daily and periodic cash flow.

This record and monitoring system need solid security structure because the system is supposed to keep and distribute important and crucial data for the business. For businesses operations, important data such as everyday earnings, expenditures and inventory stocks are progressive data that are essential for decision making. This set of data are updated on a daily basis and require detailed information.

Treating this information carelessly is reducing data genuiness and validity. The data that contains critical business information can be changed easily and susceptible to be manipulated, and abused when hacked. Keeping the data in a manual ledger also risky in miscalculation, and this kind of method takes a long time to process, and more papers mean extra storage space and are more prone to damage. An offline excel sheet might be faster in calculating, but it does not keep the data from damage, error and lost.

Blockchain technology for a Digital Distributed Ledger like the one that is being developed in Tokoin offers the solution to the problems. The data information are kept safe in the ecosystem in an encrypted form. The ecosystem participants also validates the decentralized data distributions, thus keeping the data unhackable.

Tokoin also offers the service that is called Digital Business Identity, a business reputation profile for businesses like Budi’s. With the Digital Business Identity acts as data custodian, that reserve the data to be utilized by the data owner. Tokoin creates a credit scoring system that rewards every data stored in the blockchain with tokenized point rewards.

The more data stored means more point rewards for the data provider, in this case, the business owners. The accumulated point rewards guarantee the business reputation and credibility which means, the more credible the business, the more it is attractive for business service providers such a banks with credit loans and insurance companies with business insurance. This is the vision of Tokoin, to create a modern business ecosystem that supports financial inclusion through the utilisation of blockchain technology.

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Author: Tokoin Official

TOKOIN is a platform that establishes the identity of MSMEs as an acceptable reputation in the business ecosystem. TOKOIN presents a better and modern business ecosystem that offers valuable partnerships to address inclusive growth. As a platform, TOKOIN captures and processes business information from the users as a valuable asset, which, in our ecosystem, translates to the trusted reputation of the MSMEs as our users to access previously inaccessible financial business services from providers which act as our partners. Therefore, TOKOIN links the business and financial sectors to launch a scheme of financial inclusion. The partnerships formed in TOKOIN will subsequently contribute to the national economic growth.