It is amazing how a recent innovation such as the blockchain technology has gained such global recognition, an innovation not even up to 10 years but is already causing disruptions worldwide in almost, if not, every sector. Now imagine where this tech will be in the next years to come and also the many advantages it will provide to the world because as of now every sector that is integrated with the blockchain have seen a boost, a revolution in both their GDP output and tech wise.
Now, Tokoin is a platform integrated with the blockchain technology with already working products and solutions to solve the issues plaguing Micro, Small, Medium Enterprises (MSMEs). MSME can be tagged under the business/financial sector, although they are typically known as start-ups but they are way more than that because of the amount of what they produce to the community and the world as a whole.
What are these MSMEs responsible for?
MSME, although known to be small businesses have contributed majorly to the growth of countries globally particularly in developing countries working as the economic driving force and have made contributions to job creation, production and exports. They produce such output because they are small and flexible thus making them better at adapting to the quick changing business environment even more than these huge corporations. MSMEs have also been responsible for producing up to 40 percent of GDP in developing economies and up to 60 percent of global employment.
The MSME sector is bundled with a lot of challenges that hinders their growth and these challenges are;
Funding Barrier: This is a major issue hindering the growth of MSMEs, to make a business grow funds are needed to set up everything ranging from promotion to exportation/importations. When MSMEs go to banks for loans to grow their business, they are often turned down mostly because they do not have the capability or collateral to pay back this barrier hinders their growth.
Data Barrier: Big data contributes to the growth of businesses but it is expensive to maintain and MSMEs do not have the required resources/funds to acquire and keep these data. And even if they are collected they cannot be used due to a lack of data science expertise.
How will Tokoin solve these issues?
Tokoin with the aid of the blockchain technology will assist MSMEs to create a a trusted and reputable profile of recorded market behaviors (purchases and transactions), KYC protocol which will be used to create a digitalized form of business ID for the MSMEs also all the business data from daily operations which were previously un-organized will now be organized and also be transformed into a Digital Ledger (blockchain) to strengthen the digital identity of each business and grant it a solid reputation. With this solid reputation and their data, MSMEs can use both as leverage for collecting loans from banks and they can now be able to give their enterprises the proper funding it needs.
Tokoin is a 100 percent tested and trusted solution, infact it has already started implementation and it is successful and the industry keeps coming up withnother amazing products that will help MSMEs achieve its full potential.
For more information on Tokoin platform refer to the links below;
Website: http://www.tokoin.io
Twitter: https://twitter.com/TokoinOfficial
Facebook: https://www.facebook.com/TokoinOfficial
Medium: https://medium.com/@tokoin
Instagram: https://www.instagram.com/tokoinofficial
WRITER’S INFORMATION
Writer’s name :- iphyy
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