Tokoin.io – Since Prometheus stole the fire of knowledge from the gods on Mount Olympus and gave it to mankind, humans have not stopped fidgeting with the fire and creating striking innovations all throughout the evolution, including every innovation in the industrial revolutions which have brought people closer to a better life.Continue reading “Industrial Revolution: Radical changes in the Industrial World, Implications on the Social Order”
Tokoin.io – Many research studies affirm that the most hindrance to the growth rate of MSME business is the lack of access to funding from financial institutions. Without convenient access to the source of fund, such as bank credit, MSMEs’ business growth will be stuck at where they start off.
For example, a merchant who needs to double his profit has to double his moving capital. Usually, he will resort to using personal wealth or loans from close relatives. However, it doesn’t always work out well as planned. Commonly, he won’t get the exact nominal as desired in the first place.Continue reading “Through Precise Utilization of Use Cases, Tokoin Helps MSMEs to Embrace Financial Inclusion”
Tokoin.io – For 2019, Asia has been acclaimed as the center of innovation for blockchain and crypto. This is indicated by the growing number of blockchain projects in Asian countries, such as Korea, Singapore, and China, making the region a hotbed of blockchain innovation and adoption.
To expand outreach in the international market, Tokoin visited various countries following the Global Roadshow agenda to introduce itself and establish networks in the wider blockchain industrial ecosystem.
The first visit was to Hong Kong, in which Tokoin’s team held an exclusive meet-up and took part in the 2019 Asia Crypto Week. In the Token 2049 event, Tokoin built its presence and built networks with industry players from overseas countries.
Tokoin’s exclusive meet-up was attended by around 40 people who are major blockchain industry players, including Ian Sullivan, a blockchain expert and start-up advisor, as well as c-level audiences and the representatives from CryptoFund.
Tony Tan from the New Century Global Center and the Token 2049’s sponsor remarked, “Tokoin has a very good business model and an ecosystem that is also very potential to develop. China also has a similar project, but in Indonesia, with a prediction of the business climate, the Tokoin project can develop more profitably.”
Aiming to support the industrial sector with targeted utilization of its use cases, Tokoin carries the mission to help MSMEs which often find it difficult to grow their business. Tokoin brings together the convenient ‘meet-the-needs’ concept between Tokoin’s users and its partners. It serves as a platform which optimizes blockchain technology to establish a valid identity for and reputation of MSMEs.
By using blockchain, Tokoin implements encryption that enables the system to process transactions faster but also in a more secure manner. It offers solutions that allow MSMEs to build a reliable profile as a reputable credit scoring with guaranteed security to access business solutions, such as funding, property credit, and business insurance.
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The common problem who strain the growth of MSMEs often said is the difficulties to find the business fund. MSME lacks access to funding that strains them to expansion opportunities. World Bank studies say that there are around 200–245 million MSME that couldn’t earn business loan.
Though many have agreed that business loan will assist MSME to growth, still there are always happened rejection cases of business credit appliance.
There are two types of requirement stated by banks for MSME credit appliance; (1) The general requirement in the form of a legal document who will prove the validity of a business unit, (2) The credit appliance through Capital and Collateral.
Credit appliance through legal documents
Credit appliance requires the applicant to provide some documents in order to obtain credit or funding from financial institutions. On the first step which is the KYC, MSME couldn’t even fulfil the necessities. Many of the MSMEs are still operating in an unauthorized way, we call it “the informal” sector.
Lackness of legal documents also burdens them to do their financial report. They often fail to provide credible management and financial record. Not only the informal MSMEs, the formal MSMEs are also often couldn’t provide a proper financial and transaction record to be reported.
Even when they have already qualified in the term of economy capacity, document incompleteness of legal documents and transaction record of their daily business operation makes them still unbankable.
The capital and collateral credit appliance
Next, are Capital and Collateral. Most of MSME do not possess any property which can be utilized as collateral. Ironically for MSME, because they need this as collateral to obtain credit and funding in order to expand their business. Most financial institutions loan requires collateral as the mechanism of its mitigation risk.
This difficulties of credit absence situation often lead them to access individual credit, even sometimes with a high and unmeasurable interest rate. This could be harmful to MSME’s business growth.
However, there is another safer option for MSME to grow. Utilizing the technology infrastructure to make a structured, compiled record of their data in the form of valuable asset.
Tokoin facilitates the MSMEs with the processing and distribution of data between related participants of the digital business ecosystem. If only the MSME could provide a better, complete and competent data in the form of valuable asset, the bank could obtain substantial and appropriate information about the character and credibility of a business unit. In Tokoin, data information from MSME will be validated as the asset that contains values.
“SMEs are less likely to be able to obtain bank loans than large firms; instead, they rely on internal funds, or cash from friends and family, to launch and initially run their enterprises” Worldbank.
According to the global record, Formal SMEs contribute up to 60% of total employment and up to 40% of national income (GDP) in emerging economies. The number got even higher when micro and informal SMEs are included. However, access to finance often constraint MSME’s growth. Within the absence from access to capital, many MSMEs find it difficult to grow, not infrequently comes to stagnation, or even languish.
To be compared with large firms, SMEs are less likely able to obtain bank loans. This is when we talk about formal SMEs, what about the informal? The financing gap is even larger when micro and informal enterprises are taken into account. The number increases to 70% of the micro, small and medium-sized enterprises (MSMEs) in emerging markets still lack access to credit.
Financial institution as bank or insurance, require credit scoring or credibility status to whoever who wants to apply a credit proposal. Though MSMEs has a massive contribution to the emerging market, the absence of credit scoring and lack of credibility status makes them very hard to obtain future financial institution’s fund.
What we do
A key area of the Tokoin work is to accelerate MSME’s through convenient access to finance and find innovative solutions to unlock sources of capital.
Our approach is by enabling the blockchain technology on our platform, combining digital identity and digital ledger to build MSMEs credit scoring services, to increase MSME’s economic scale. This technology has a similar function as the bank account for its transactional recording. However, the blockchain gave their user authority to themselves. Each user are liberated to share assets to whoever they trust, directly.
With this proper technological implementation, we facilitate the MSME sector to embrace economic inclusion.
The idea is to bring prosperity to MSMEs. On this modern business ecosystem, Tokoin allows the MSMEs on having the financial records as similar as with the bank. Every transaction that is initiated through Tokoin’s platform is accurately recorded with timestamps.
By thus, Tokoin facilitates MSMEs to have a better record of financial transactions, as a form of credit history to build the credibility status of their business. The transaction history of the MSME initiation is a guarantee of business feasibility to access various business solutions.
Tokoin.io – Data can represent everything. Information, numbers, facts, instructions that are helpful to understand an object or an entity that exist within an environment. In a business environment, data means any information related from the production to the consumption process that acts as archives or records, beneficial to the significant future action to achieve better business result, be it the efficiency for productivity or to obtain better revenue. There is a valuable thing that can be figured out from a set of data.
According to the World Economic Forum,
To operate effectively and efficiently, economies need reliable, continuous, and affordable access to data.
The existence of data can drive a company’s decision and concerns regarding to planning and marketing. With the right set of data, companies can determine to channel their products promotion to their target audience. This action will lead to cost efficiency in marketing strategy. By targeting the exact market that is highly likely to consume the products offered, companies are able to promote directly and the conversion rate of the marketing channel are more likely to increase.
Relevant data allows companies to discover market needs. Setting the data to the most specific way is one way to understand the market. Use case that is closest to be applied to market the products is the product dispersion based on the geographic level. From one city to another, the company can measure the acceptance of their products. By driving their product distribution to the highest receptivity, companies can expect higher revenue and income. Therefore, companies can also expect lower excess products that are stuck in stores and retailers.
Every company in general, has the budget allocation for marketing and promotion. With this budget, companies will test the market in terms of product receptivity by the conversion measured from the marketing strategy. But, the downside of this method, the audience is unknown. If only the companies have the insights in advance about their market, they can allocate their budget to the right market for better targeting which leads to better conversion and revenue.
These use cases are applicable to the marketing allocation of the brand companies and manufacturers. Answering all the needs, the role of data in business is better targeting, so the companies are allowed to channel their marketing cost and expect better result of conversion and revenue in return.
Now the question is, how to acquire the data, and what kind of data that are best to to give the desirable result? The answer is, listing of business profiles. Specific business profile covers business sectors, location and value demand from a particular range of time. This specialized set of data are possible to obtain from business transactions. To make the purpose of data collection and pooling is possible, Tokoin engages to the transaction of business existing in any online trading ecosystem.
Tokoin works by accumulating the business profiles that are registered and validated in the Tokoin platform. Therefore, companies can be assured that the data compiled are accurate, as the data providers are the participant of the ecosystem. In the ecosystem of data in Tokoin, companies are allowed to receive demand from their actual buyers. The transaction history that are done within the Tokoin platform are also recorded to provide such market overview that are beneficial to gain insights about product demands from their buyers.
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Tokoin.io – Technology is a tool for SMEs to seize bigger opportunities to accelerate their business. The blockchain is a technology that can assist business transformation. To fully embrace the technology-driven transformation, businesses must be willing to learn and adapt to this change and keep with the revolutionary process. In the blockchain network, a business ecosystem will be built based on decentralized governance principles to ensure that all of the business participants will engage in a secure, efficient, and transparent business process.Continue reading “The Path to MSMEs’ Transformation”
As a coffee shop owner, almost every month, Deni needs to spend some money on product needs and various invoice payments to be his coffee shop’s working capital. This working capital is in cash, being a liquid asset, used to finance the day-to-day operations of the company. By having accurate information about working capital, one can plan and manage business properly, as well as facing less confusion when about to make any investment decisions.Continue reading “How Tokoin Helps Buyers Keep Businesses in Shape”
Tokoin.io – In the business world, the availability of market overview data could be a game-changer for entrepreneurs, especially sellers (brand companies). The data could be anything related to the market overview, including buyers’ behavior.Continue reading “This is How Blockchain Accelerates the B2B Ecosystem”
Tokoin.io – To support smooth flows in a business model, a proper ecosystem is needed. Related to this, a B2B ecosystem constitutes an order of arrangement to convey the experience of distributing values from one participant to another. Each participant holds a determining role in order to keep the ecosystem fruitful to every business involved.
Iansiti and Levien (2004) compared a business ecosystem to a biological ecosystem and maintained that:
“…a biological ecosystem provides a powerful analogy for understanding a business network. And like business network participants, biological species in ecosystems share their fate with each other. If the ecosystem is healthy, individual species thrive. If the ecosystem is unhealthy, individual species suffer deeply. And as with business ecosystems, reversals in overall ecosystem health can happen very quickly.”(Iansiti & Levien 2004, 8–9)
Analogous to a biological ecosystem, a B2B ecosystem works by involving two-way interactions between all participants in an environment in favor of mutual growth and evolution of populations in the forms of commensalism, competition, and mutualism. The concept of a healthy ecosystem is outlined by the contribution of every main organism involved. The roles of the organisms as the main partakers can be seen as a supply chain from one end to another. Manufacturers as producers in the upstream provide their goods to resellers in the downstream without any destabilizing interruption in pricing and market overview. By excluding sales intermediaries and individual buyers, the supply chain goes directly from upstream to downstream through efficient data distribution and a precise targeting on a methodical platform.
The interaction forms a mutual relationship since the resellers, as business buyers, need the lowest prices possible and manufacturers desire to know the actual market situations prior to product innovation and development. The mutual needs can be fulfilled in a well-ordered manner of data provision. The adaptation of blockchain technology in a B2B ecosystem is seen as an applicable solution to disrupt the traditional supply chain which typically includes layers of intermediaries. Resellers can quote directly to the producers to get the lowest prices, simultaneously generating real-time and actual data pertaining to the market overview producers.
Implementing the above system on a marketplace, Tokoin provides the shortest way for business participants to connect without layers of intermediaries. In order to build an ecosystem consisting of valuable assets, Tokoin is developing a blockchain-powered platform to equip every participant with security in every transaction and a more trustworthy relationship, resulting in a valuable partnership between partakers.
The blockchain platform enables data exchange in a decentralized manner. There is no central entity collecting data. Instead, data will be securely and immutably stored, eliminating any kind of data abuse and manipulation, as well as creating an ecosystem of organisms that are linked together in a mutual way. Concurrently, new generations of business customers are conditioned to emerge on the platform.
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