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However, despite the availability of solutions, cross-border trade remains a significant challenge for women-led small and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA) region, as well as sub-Saharan Africa. This challenge severely limits their ability to transact with each other and the rest of the world, despite sharing many cultural values.
Blockchain technology emerges as a promising infrastructure for women entrepreneurs who are geographically close but economically disconnected. Women entrepreneurs in both MENA and sub-Saharan Africa stand to benefit the most from emerging technologies. However, they face economic challenges that impede their empowerment and hinder access to international markets. Inefficiencies, limited access to finance, high costs, lack of transparency, unfavorable regulations, and cultural barriers all pose obstacles for women-led SMEs in the region.
Blockchain’s Inclusivity
Blockchain holds the potential to transform the financial sector significantly and foster inclusion for women engaging in cross-border transactions. Utilizing blockchain-based payment systems eradicates trade barriers, enabling businesses to access new markets and customers. Consequently, companies can repatriate their earnings instantly.
This technology empowers women-led enterprises to convert real-world assets into on-chain assets they control entirely and can trade as desired. This solution grants them financial independence, a critical catalyst for positive socio-economic change in the future.
One of the most innovative applications of blockchain technology is its integration with artificial intelligence (AI) to address real-world challenges. At Boom, we exemplify this integration, leveraging decentralized AI to furnish businesses with credit access through credit score generation. These credit scores will be shared with financial institutions, enabling women-led SMEs to secure the loans and capital required for growth and expansion.
Blockchain as a Solution
Blockchain technology, considered infrastructural, is now firmly entrenched in the global economic model. With the advent of Bitcoin ETFs and central bank digital currencies (CBDCs), the permanence of the technology is evident. Blockchain-based ecosystems are driving significant transformations in the commercial landscape between the MENA and sub-Saharan regions, offering a comprehensive range of solutions to tackle daily challenges encountered in cross-border trade and unbanked scenarios.
Addressing the high costs of information and communication technology (ICT), unreliable internet access, and the gender gap in technology is crucial to ensure full inclusion and participation of women entrepreneurs in the blockchain ecosystem. Providing digital literacy and ICT training can equip women entrepreneurs with the skills needed to overcome these challenges and thrive in the digital realm. Moreover, these challenges present opportunities for collaboration and innovation to support women-led small and medium-sized enterprises.
To bolster the successful implementation of blockchain among women entrepreneurs, tech companies must collaborate closely with stakeholders, including governmental agencies, financial institutions, and NGOs. Establishing a conducive regulatory environment and directly supporting SMEs through training, educational programs, and financial assistance for hardware are essential steps.
Blockchain technology is indispensable for the future success of women-led SMEs in the MENA and African regions. The relationship between blockchain and women is growing stronger and more promising each day, necessitating collaborative efforts to achieve success. Women play a pivotal role in driving technology adoption within households and will undoubtedly be instrumental in democratizing blockchain adoption.
(Crypto.news)
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