The latest edition of the World Blockchain Forum (WBF) was held in Marina Bay Sands, Singapore, on the 22nd and 23rd of June. Having been previously organized in London, Singapore, Jeju (South Korea), New York and Shenzhen, the 6th version of WBF made a return to Singapore. This year’s WBF was co-hosted by World Blockchain Award (WBA) and World Blockchain Media Alliance (WBMA), and supported by the USA-China General Chamber of Commerce. The event was attended by government representatives, blockchain projects and fin-tech startups, along with regular blockchain enthusiasts and investors.
The purpose of this 2-day event was to provide an opportunity to upcoming and exciting blockchain projects to reach out to prospective investors and the public, as well as building a platform for people who are interested in the blockchain technology to interact with each other. There were around 100 guest speakers, including Dr. Daniel Diemers (Partner at PwC Strategy & Head of Blockchain in EMEA), Paul Brody (Global Innovation Leader, Blockchain Technology at Ernst & Young), and Franklyn Richards (Founding Director of Litecoin Foundation). More than 4000 people attended the event.
Tokoin was invited to and participated in this edition of WBF. We had set up an interactive booth at the event, which drew a large number of attendees. Our Head of Finance and Business Development Michael Minarto was in charge of interacting with the audience there. We informed the audience as to how important the MSME (Micro, Small and Medium Enterprise) sector is to Indonesia’s GDP, and educated them about the challenges that the MSMEs face.
Today, the MSME sector accounts for more than 50% of Indonesia’s GDP, and provides 89% of private sector employment. With Indonesia slated to become the 4th largest economy in the world in terms of GDP by PPP, the role played by MSMEs will become more important over the coming years. However, in spite of being such an important player in Indonesia’s economy, MSMEs suffer from the lack of access to financing opportunities. The absence of proper documentation and credit history makes banks extremely reluctant to provide them with loans. This prevents these MSMEs (most of which are from the rural sector) from scaling up their operations, giving large corporations an upper hand in the market.
We explained to our audience as to how Tokoin is using blockchain technology to build a platform for establishing reputation and credit scoring for the MSMEs. Apart from these MSMEs, material suppliers, logistics and shipping companies, credit providers, and other such entities will also be a part of Tokoin’s ecosystem. Real-time transaction data between these participants will be recorded on Tokoin’s public blockchain. This transaction data, along with any identity data that the MSMEs upload on Tokoin’s network, will help in forming their reputation and credit scores. The trust rating of MSMEs will provide banks with a reliable source of information for evaluating the credibility of these enterprises, especially in the absence of any credit history.
We were thrilled to see the amount of audience engagement and had a great time answering their queries and explaining our project’s future roadmap, such as our decision to partner up with Tomochain, and our vision of expanding to other ASEAN countries. We also used this opportunity to actively engage with other players of the blockchain and fin-tech industry, and seek partnerships which would be of mutual benefit.
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