In the last couple of years, a new innovation was brought into the limelight called blockchain technology. This is just a ledger online for keeping data of people who use it. It is a very reliable, safe and fast approach to enjoying good data management. Now, taking this into online marketing, a better of storing data can be assured to those who participate, those who buy and those who sell and also their payments being made (invoices, discounts etc).MSMEs being an emerging market operate on retail marketing i.e selling products to consumers through channels like stores. Placing focus on the economic boosts in developing countries, a major reason for this is the presence of the MSMEs in these countries. This is also true for the economy of the world at large.
Problems, Hindrances and Challenges facing MSMEs
1.Not having a clue as to what their data entails, what it can do for them and how it can help make their business better.
2.MSMEs have failed to gain trust and favour in the eyes of banks to grant them loans.
3.They do not have enough production rate to meet the economic standard (in the sense that they produce little as compared to others) and due to this, a lot of people don’t place their orders with them(be it for business to business services i.e B2B or business to customer services i.e B2C), because they can’t provide in large quantity if that is what is required of them.
An innovation called Tokoin has been made to help solve these challenges facing them and thereby making the economy of the world better.
What is Tokoin?
This is a platform which has been created to help solve the issues limiting the Micro, Small and Medium Enterprises which is a market that is emerging by making it possible for the public to see it as valid in the business world. It also bring forward the opportunity for business to improve from the inside by bringing about partners from different parties in their particularly common niche of business. The token for this platform is called TOKO. These tokens with the MSMEs serving as merchants can be used to reward companies which are involved in its platform.It will be come as points to distinguish levels to which they deserve it.
This platform can solve the problems of Micro, Small and Medium Enterprises by doing some salient things. First of all, in order to address the issue of trust the platform has made available a means of checking identity digitally and storing the data of users, be it transactions made, checking for those who are credible, in order to create a good profile for them by using a non centralized application called tokoin dApp, so that customers can see their repute and patronize them. Also these data can help in giving them opportunities from investors, and also in them obtaining loans. And lastly as said before, providing partnerships.
If the government can step up and play a major role in making this sector a better one, then the economy of such a nation is bound to progress. All to the fact that everything can’t be done by the government, tokoin comes in to make life easier for the MSMEs.