Technology has shrunk time and space. Hence, businesses are always advancing their processes using technology to achieve efficiency. Blockchain technology, developed as a distributed ledger of transaction, works as a platform to facilitate the distribution of information between participants involved by creating a distributed database. Data information distributed on the Blockchain is a valuable asset, and blockchain acts as a system that secures the data.
Every business transaction consists of a set of data, among which are the participants, buyers and sellers, orders, payment method, the amount of discount, and detailed payment invoices. In an online marketplace, the set of data are stored centrally on the marketplace’s platform.
Adapting the data in a blockchain-based platform, all information is accurately recorded using cryptography and stored in blocks.
The trading ecosystem is about to implement Tokoin as a highway of data distribution. By recording transactions on Tokoin, all participants involved are guaranteed a secure ecosystem of blockchain with Tokens as signs of credibility scoring. Every participant will benefit depending on his/hero own needs. Partners get relevant data, while users as the downstream participants will benefit from access to business expansion and funding opportunities. In the transaction stage, Tokoin provides a permanent record of information and transactions. The accuracy is guaranteed, for each transaction recorded is traceable and immutable. Tokoin will operate as an infrastructure that stores data in a decentralised manner. After MSMEs as users input their profile and transaction data properly, they can secure their reputation profile. As a note, data from users will be validated as valuable assets. Partners as service providers stack Tokens to acquire the data to determine the credibility of their prospective clients.
We have made an important positive development to welcome more participants in our ecosystem. With the proposed ideas and approach to utilise data distribution for credit scoring and business growth, Tokoin aims to bring an elevation in the economic growth by leveraging and sustaining MSMEs as the powerful driver of a country’s economy in the emerging markets.Whitepaper