The Path to MSMEs’ Transformation – 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.

Small- and medium-sized enterprises (SME) are now a vanguard of modern business. In the past two decades, SMEs have managed to face the challenges of entrepreneurship, solve the arising problem, and display creativity while bringing big impacts on the economy. Their important role in a country’s economy can be seen from increased job opportunities and gross domestic products, including net export, which is the sign of a healthy and productive business ecosystem in a developing country.

Answering the needs of the market, SMEs supply essential products and services for mass consumption on a daily basis, covering many business functions, ranging from automotive workshops, convenient private and public transportation modes, to grocery stores supplying everyday needs. For instance, when a housewife needs something for the kitchen, she can easily find any grocery store nearest to her house to get what she needs. Another example is that if a motorcycle driver needs to patch the tires, he can scan the side of the road and find the nearest automotive workshop which provides quick services, such as changing lube and fixing minor to medium issues of the vehicle.

To facilitate SMEs with greater opportunities in order to expand their businesses, Tokoin is extending technology and information towards SMEs. There will be a lot of business functions that can be carried out on Tokoin’s blockchain-based platform. Through this technology upgrade with the utilization of blockchain, Tokoin, among other forms of support, will equip SMEs with necessary facilities for procurement, as well as preferential access to loans, credit property, and insurance support, which are crucial for their business expansion in the near future. Getting along with the pace of the business process of small- and medium-sized enterprises (SME), Tokoin is setting up an “easy-to-join-and-use” platform for SMEs as the buyers in the business procurement process.

In this digital era, any kind of information can be assessed on the Internet. The swift flow of information has given birth to a technology-literate society who mostly rely smartphone uses. This habit has also been adopted to many business procurement processes that are done in a digitized way. Online transactions have emerged as the fast way to fulfilling necessities in the business buying process. The digitized buying process is very likely to be switched to a blockchain network, which will allow any transaction to happen in a trusted partnership and secure any data to result in better and more efficient productivity.

The ecosystem of Tokoin also involves financial and business service providers. Buyers as the main stakeholders of Tokoin will be able to reach financial and business service providers by utilizing tokens, which are the platform’s built-in features. The old adage maintains that it will take time, even years, for a business to transform, and now SMEs can be a part of this kind of journey. Tokoin acts as the gateway to the blockchain transformation that will bring benefits for SMEs to run their business more productively and gain the long-term benefits of financing and funding.

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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.