Tokoin, a digital platform dedicated to accelerating micro, small, and medium enterprises (MSME) by building credit scoring through blockchain data distribution, today announced its partnership with TomoChain, a company focusing on building an efficient blockchain infrastructure for decentralized applications, token issuance, and integration.
This agreement will lead to possible integration for Tokoin to build a scalable blockchain infrastructure provided by TomoChain, which is trustworthy for its transparency and auditability, as well as fast and easy token integration. TomoChain is compatible with Ethereum virtual machine-based protocol and is able to generate both public and private chains, as well as enabling the cross-chain token transfer.
This partnership unison with Tomochain is an innovative solution to scale up blockchain in supporting the anticipated thousands of transactions per second, given the wave of Internet of Value.
“In Tokoin, we are committed to choosing the best protocol as our base. The chosen protocol has to be fool-proof, scalable, yet compatible with the best current SmartContract technology, Ethereum. This is the reason why we are partnering with TomoChain because TomoChain is potentially able to fulfill all those qualifications.”Welly Salim, CTO of Tokoin
Regarding the partnership declaration, the Founder and CEO of TomoChain, Long Vuong, remarked, “We are glad to work with Tokoin to explore possible integration of Tokoin’s platform on TomoChain. Via our conversation over months, we believe Tokoin is well-positioned in its segment in Indonesia and Southeast Asia. The partnership will benefit both parties in many fronts over the coming years.”
With this partnership, Tokoin can offer MSMEs the best data storage and scalable credit scoring. Through a decentralized application, MSMEs as users can rapidly store and partners can acquire trustworthy data, while at the same time freeing users from redundant tasks of uploading and maintaining data. By leveraging the power of automation, the process in the ecosystem can increase agility and access to relevant data, while the cross-chain token transfer can facilitate the journey to loan credit compliance with credit scoring.
Tokoin is a blockchain-technology-based platform that establishes the identity and reputation of MSMEs as acceptable credibility scoring for suppliers and financial institutions. Tokoin provides the necessary digital infrastructure to build Digital Business Identity. Sets of data containing KYC process, routine transactions, and behavior records are stored in a Decentralized Ledger. Tokoin creates an ecosystem for MSMEs to run their business operations optimally and utilize transaction data as valuable assets. These assets can be appropriately used as credit scoring to comply with business service requirements, such as loan credit, logistic services, product sourcing, and business insurance.