Tokoin’s Expansion

A Visit to India; A New Prospective Country for Tokoin’s Expansion

Having the same significant potential of MSMEs as Indonesia, India is surprisingly in need to implement blockchain technology into its market. Tokoin team visited the country to tap into the opportunity, become a pioneer in finding a way for MSMEs in India to accelerate, as well as expanding the communities in the country.

Blockchain is an inevitable technological advancement that is emerging all around the world. Acknowledging this, government institutions across many countries are beginning to realize how crucial this technology is for the future of their nations in an era when the global community welcomes Industry 4.0, including in India.

Blockchain Development in India

In mid-2019, the Government of India has published a report on blockchain and virtual currencies available for the public. Through the report, the government of India promises a massive boost to the blockchain sector in India. This shows how much the government of India believes in the significance of blockchain for the good of their country.

In addition to that, the Commerce and Industry Minister of India, Suresh Prabhu, mentioned that India has also been considering to leverage blockchain technology for the use of digitizing land records. For all these years, what has been mostly used as collateral for loans by businesses, especially MSME units, are property records. However, scrutinizing those records is quite a process that would take real effort. That wouldn’t be the case once blockchain technology is adopted, and that’s why the government of India is bearing this in mind.

With this initiative from the government to introduce blockchain technology to MSMEs, this movement couldn’t be any perfect timing for Tokoin to come in and becoming the right solution to ease the problems that MSMEs in India are still facing — not just for loans collaterals like what the Indian government suggested, but also to create an identity management and a business profile, which would help MSMEs to run and maintain their business.

Tokoin’s Visit to India, Invited by Local Communities

Being the most prominent blockchain project from Indonesia, Tokoin has been invited by the local communities and developers in India. First and foremost, this visit was all about research and product development purposes. That is why Tokoin decided to send Rendy, our Product Manager, for this particular visit to India. There, our representative met a number of very competent local developers whom we gained insights from. Getting to observe how other countries are progressing with their blockchain-related applications has been a beneficial opportunity for the Tokoin’s Product team to develop the upcoming Tokoin blockchain-based apps even better, meeting a high-quality global standard.

Tokoin’s recent visit to India was also a part of Tokoin’s commitment to expand further in a global scope. Seeing the opportunity in India’s market, Tokoin had prospective discussions with several institutions for the possibility of implementing Tokoin’s ecosystem there. In addition to that, this visit was also an opportunity for our representative to expand Tokoin communities in India, including MSMEs there.

Tokoin’s Product Testing with MSMEs in India

Knowing that the MSME sector in India is very similar and therefore suitable market for Tokoin, our Product Manager also directly went on-site to the MSMEs in business. These local MSMEs in India were very welcoming and enthusiastic about what Tokoin has to offer through our products, which are our upcoming apps. This has led us to do a product testing with some of the MSMEs in India, and they were so pumped about it.

The product testing and research done in India was also a strategic move that our Product Manager did. Apparently, MSME sector in India is the highest job creator in the country, as well as the second largest in the world only after China. The sector accounts for about 63.05 million micro industries, 0.33 million small and 5,000 medium enterprises across the country. With this huge number of MSME units, the country has a really big potential if the sector is well-accelerated, which Tokoin is also focusing on.

India is a very strategic market for Tokoin, as we are looking forward to the possibility of expansion to acquire MSME users overseas, including India. From this up-close interaction with MSMEs in India, Tokoin has taken a step forward to cater to the global market.

What’s Next After the Visit

As it has always been Tokoin’s commitment, all the visits and partnerships happening will lead to further collaborations in the rest of Q3-Q4 of 2019. Our visit to India will be the initial effort for both countries in implementing blockchain technology to help MSMEs accelerate their businesses. What comes from Tokoin after the visit will be the implementation of Tokoin’s technology to India’s MSMEs, as well as the presence of (what will be) Tokoin’s India communities.