Tokoin has signed a partnership with Shyft Network to provide users an all-new blockchain ecosystem that is considered secure than the present one. Shyft is working to provide a superior network protocol that will help organizations to gather, share, and store data using the blockchain technology. Through this collaboration, the component of secure network protocol and blockchain technology will come together to enhance overall security related to blockchain application across industries.
Ushering New Era
One of the primary aims of this partnership is to help lay the foundation of a completely new blockchain ecosystem that will be utilized primarily in the financial technology domain. The new system will enable organizations to integrate the conventional financial system with new protocols for safer data sharing and reporting.
Just so you know, Tokoin is one of the credible names when it comes to the blockchain technology in Indonesia and the organization is helping Micro, Small, and Medium Enterprises (MSME) sectors in a big way. The company has created a rating system using which banks and financial institutions can evaluate the performance of enterprises while deciding whether they are eligible for financial assistance or not. For long, Indonesia has been grappling with the problem of difficulty in extending financial assistance to companies, and this new project undertaken by Tokoin is helping to address this issue through its rating system.
Tokoin uses the authentication process to confirm the KYC data of the participating organization, and Shyft will aid the process through its high-safety protocols to make the transfer and sharing of the data securely among participating institutions. It is especially relevant in the context of rising awareness about data security. Most of the business organizations today used to collect personal information to serve a variety of purposes, including their marketing and advertisement efforts.
Significance of a New Agreement
According to one estimate, the data market globally is going to acquire humongous proportions with a total size of $330 billion by 2030. Amidst the growing clamor about the safety and security of the personal data, the internal processes employed by the companies are not very safe and secure. The incidents of Federal agencies slapping fines worth million dollars on industry big-wigs including the likes of Facebook and Google have compelled organizations to take a more serious approach towards data security, and this is exactly where the modern, safe, and secure blockchain network conceptualized by the Tokoin and Shyft is going to prove its significance. In sum, this partnership is of great importance and expected to prove a milestone in the ongoing journey of providing safe and secure blockchain experience to users.