Blockchain technology has become a norm in several parts of the world, though there are still a lot of people who know nothing about the technology at this time, but with the level at which growth and adoption is on the increase, it’s only a matter of time before blockchain technology becomes the daily driver of everyone in the world. Talking about blockchain technology, one major sector that will increase its level of adoption is business . There are so many businesses in the world, of various scales or levels, but this article is mainly about the micro, the small, and the medium enterprises in the world. For short they are referred to as MSMEs .
Round the world, there are several MSME, we have them around you and around I myself. It could be a barber shop, or a restaurant, a mini supermarket and so on . It will Interest you to know that this msme are very important to the economy of any Nation they reside, as they also add to the Nations GDP. Asides that, msme also employ lots of people around the world, keeping them out of the streets and providing them with money for daily needs. They also help you buy stuff with ease most times or present you with a service at a very close range. These facts show just how important they are. The question now is, do MSMEs want to remain small? You will concur with me that the answer is a NO, all firms and businesses want to see themselves expand and grow to the best of their abilities.
PROBLEMS RESTRICTING THE GROWTH OF MSMEs
Lack of fund:- This is the main issue, and for this reason, I made it first on my list. When there is no funds or source of funding, a business remains stunted, dwelling on little profit and minimal capital. Indeed profit is made, but due to how little the capital is, the profit made is also little, leading to the profit being spent on survival of the business.
Zero Advertisement: - When the word is not out about a certain business, how do you get customers?. With no advertisement there is limit to the level a business can go, especially when the goods being sold is a luxury product and not a necessity. Even necessity based goods still run adverts due to competition.
Lack of Trust :- due to lack of trust, new customers may think it twice to patronize a business they are not sure of. They had rather stick to what they know, than what they do not
Problems with Loans and Financial Organizations :- Most times people think once a business is fruitful and working, access to loans for growth and expansion is an easy thing to attain. In the real world, the procedure and requirements needed to secure a loan is very hard to meet up to, making it difficult to acquire.
The question now is how do this MSMEs attain the attention and growth they so crave for? The answer is Tokoin and their blockchain based protocol for msme.
SOLUTION
WHAT IS TOKOIN?
Tokoin is a blockchain based platform with the core aim of alleviating stunted growth issues from MSMEs around the world. Starting from Indonesia as the country origin of the project, the project is already approved by the government over there, and has already began its mission to uplift msmes in Indonesia and next up the world at large. The tokoin platform is one where these MSMEs are verified and given credibility scoring, These msmes gain reputation through the platform and hence expand with that influence.
CHARACTERISTICS OF THE TOKOIN PLATFORM
The Tokoin platform basically has two major types of users, namely ;
The investor and merchant users :- These are those with funds who are ready to invest in a trusted business that will bring good return of investment to them. The platform helps these kind of users by sieving bad business and only listing businesses that are verified and trusted. To get access to business related information stored on the platform these investors need to have the tokoin based token known as the toko token. This is one of the uses of the toko token as it ensures that then token is always needed and therefore increases its value.
The business users:- These are the msmes, they are the users that seek to better their business with the tokoin platform. After signing up as users on the platform, they are verified and data based on their business is recorded and stored. To attain higher credibility scoring, these business users need to also acquire the toko token.
THE TOKO TOKEN
The token is the major means of transacting on the platform, as it is the payment method which the users use to interact with themselves. It is an erc20 based token that leverages on the ethereum blockchain. It has a total supply of 2billion tokens and is currently traded on the kucoin exchange.
CONCLUSION
The Tokoin project is a very serious one, and as it stands the project is already on its way to achieving several goals it set out to. In a very short while, the platforms app will be released and users will be able to start interacting. The team is also filled with an elite group of professional ,blockchain and business savvy individuals. I see the project being one of the best in the crypto space in the nearest future.
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WRITER’S INFORMATION
Writer’s name :- bfayez
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