Blockchain technology is behind some of the most exciting and widely-discussed assets of the last two years. Many cryptocurrencies that rely on blockchain technology have been making headlines in recent months, with Bitcoin and Ethereum dominating one financial news cycle after another.
Cryptocurrency is a digital currency or asset that relies on encryption technology to transfer value over the Internet. Cryptocurrencies like Bitcoin operate independently of a banking system and can be used in many countries as a store or exchange of value like cash. The most common use of cryptocurrency is buying and selling goods and services online.Cryptocurrency represents a new way for small businesses to accept customer payments and even pay vendors or suppliers. However, cryptocurrency is relatively new and many businesses don’t yet know what to think about it. To help, this article discusses the ins-and-outs of cryptocurrency, including how to accept it, the benefits and drawbacks, and the tax implications for small businesses.Cryptocurrency provides a quicker and less expensive way to accept customer payments when compared to traditional payment types like credit cards. Further, all cryptocurrency transactions are final, tipping the balance of power away from the consumer and more toward the merchant.
Micro, Small, and Medium Enterprises (MSME) is key to the creation of new economic sources in Indonesia. The potentials of MSME can also support employment, especially female employees, increase cultural and tourism potentials of Indonesia, and preserve regional cultural image. Therefore, MSME development requires the commitment and support of all relevant parties. South-East Asian countries like Indonesia, Singapore and Malaysia are slated to becomemajor players in the global economy within the next decade or so. A significant portion of their economies are made up of micro, small and medium scale enterprises, or MSMEs. Unfortunately, MSMEs are finding it extremely difficult to survive in the battle against large corporations today. Most of the MSMEs are located in rural sectors, and their owners do not possess proper legal documentation or long term credit history. This makes banks extremely reluctant to loan money to them.
Tokoin, a digital platform dedicated to accelerating micro, small, and medium enterprises (MSME) by building credit scoring through blockchain data distribution, leveraging blockchain technology to establish Valid identity and reputation of MSMEs. Tokoin using blockchain-based solutions that allowing TOKOIN users to build a trust-able profile for all stakeholders in the ecosystem.
TOKOIN mission :
Building MSMEs profile to guarantee their data integrity
Creating virtual ledger for each MSMEs transaction
Lower financial inclusion barriers by providing reputation scoring
A sustainable business model that enable MSMEs to perform in higher scale
Increasing the economic capability of the whole MSMEs ecosystem
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. MSMEs would first have to upload their basic KYC information on Tokoin’s platform, which would create digital identities for them on the Ethereum blockchain. Thereafter, every financial transaction that they are involved in would get associated with their digital identities on the blockchain. This would help establish verifiable and tamper-proof trust scores for these enterprises. Banks would be able to analyze these records and assess the credibility of these enterprises when it comes to providing loans. Third party vendors (such as warehouses, raw material suppliers, etc.) would also be able to access this data. Depending on their performance in Indonesia, Tokoin plans to extend their services to other South-East Asian countries in the near future.
For more information please visit link :
Official website : https://www.tokoin.io/
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#Digital Identity #business #partnership #TokoindApp