The financial industry all over the world is one of the most respected because of its essential role in the global economy. Financial institutions like banks see to the ease of doing across different industries. From issuing loans to facilitating transactions, these institutions ensure that the entire financial process around the globe is completed in real-time.
It is not out of place to posit that a more significant majority of the world population either depended on paid employment or other side businesses. While many took their paid job seriously, only a few saw the need to boost the operations of their smaller companies. It wasn't until the economic crisis and global recession of 2009 that the potentialities of the small and medium scale enterprises came to the fore.
Current Challenges
There’s no denying that Micro, Small, and Medium Enterprises (MSME) are one of the most robust business variations in the world. Ideally, they have more participants and generate higher revenues than traditional/paid employments.
Despite the upsides in the industry, the operators find it hard to make much impact in the highly competitive business environment. MSMEs are either facing a monopoly from more prominent brands or have limited capital to operate. The latter (insufficient capital) is one of the most pressing needs.
That informs the reason why Tokoin was launched as a decentralized platform that empowers Micro, Small, and Medium Enterprises (MSMEs) to get needed funds to operate on the broader business climes.
The Features of the Tokoin Blockchain Platform
Let’s now look at the propositions of this project with regards to boosting the financial fortunes of small-scale businesses.
Strengthening the Digital Profiles of Each Business:
Its’ worthy of note that the Tokoin platform is hinged on blockchain translates to transparent deals. Hence, the first step is to increase the influence of each enterprise that opted to use its network. The move is in tandem with the proposition to increase the legibility of a business. Through this approach, it hopes to boost the profiles of participating enterprise. That, in turn, helps lenders to have confidence that they’re dealing with the right enterprise.Strategic Partnerships: The use of blockchain is one boisterous move by Tokoin to boost its trustworthiness. It is not only about the platform. It is mainly about the end-users – MSME operators/owners. The strategic partnerships embarked on by Tokoin empower small-scale enterprises to gain fiat access to likely investors that would be willing to fund their projects. The approach is feasible and more transparent than the fragments in the conventional setting where investors are scared of backing the wrong horse. Instead, the robust architecture and the transparency of the Tokoin blockchain endear investors to any small-scale MSME project that indicates a need for help/investment.
Interrelationships – The Lifeline of the Tokoin Blockchain
Tokoin wouldn’t go about soliciting information from participants, particularly MSMEs. Hence, it devised a seamless to achieve that. It has a Digital Ledger that oversees the collection, computation, and delegation of users’ data for the overall use of the ecosystem participants.
Ideally, the data collection process commences from the Know-Your-Customer (KYC) registration, through the business transactions of each MSME and down to the cash flow and sales. The procedure is meant to help the platform (Tokoin) gain insight into the activities of the small-scale businesses. Armed with this, Tokoin then proceeds to compute the gathered information (data) before redistributing it across the ecosystem. That is a positive approach to ensuring the transparency of transactions within the ecosystem.
Final Words
Finance is the lifeblood of every business. Small-scale business owners need it more but are hindered by the strict procedure of obtaining loans for the expansion of their business.
The equation has changed for the best with the launch of Tokoin. Hopefully, Micro, Small, and Medium Enterprises (MSMEs) would, once more, regain interest in seeking financial help to expand their businesses. Now, they can turn to the Tokoin blockchain to get the needed funds, while building their business reputation in a decentralized, transparent, and risk-free community.
Tokoin would be conducting it's IEO in Kucoin exchange in the 23rd of August 2019, Kucoin is a top tier exchange and one of the best exchanges to conduct an IEO.
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