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Over the last ten years, there has been a noticeable increase in global interest in businesses led or owned by women. This trend has sparked the emergence of strong community-building initiatives and the development of creative solutions to cater to this expanding market.
Despite the presence of solutions, women-led small and medium-sized enterprises (SMEs) in the Middle East and North Africa (MENA) region, as well as sub-Saharan Africa, still face significant challenges when it comes to cross-border trade. These challenges impede their ability to engage in transactions with each other and the global market, despite sharing many cultural values.
The advancement of blockchain technology offers a promising infrastructure for women entrepreneurs who are geographically close but economically disconnected. Women entrepreneurs in both the MENA and Sub-Saharan Africa regions stand to benefit greatly from these emerging technologies. However, they encounter economic obstacles that hinder their empowerment and restrict their access to international markets. Inefficiencies, financial constraints, high costs, lack of transparency, regulatory hurdles, and cultural barriers all pose significant challenges for women-led SMEs in these areas.
Blockchain technology can pave the way for greater inclusivity and transformation in the financial sector, particularly for women engaging in cross-border transactions. By utilizing blockchain-based payment systems, trade barriers can be eliminated, enabling businesses to reach new markets and customers while facilitating instant repatriation of earnings.
Through blockchain technology, women-led enterprises can convert tangible assets into digital assets that they have full control over and can trade freely. This solution grants them financial independence, a privilege often denied to many in this region. This economic autonomy serves as a crucial catalyst for positive socio-economic changes in the future.
One of the most innovative applications of blockchain technology is its integration with artificial intelligence (AI) to address real-world issues. At Boom, we exemplify this integration by employing decentralized AI to generate credit scores for businesses, enabling them to access loans and capital from financial institutions. This approach empowers women-led SMEs to expand and grow their businesses.
Blockchain technology is regarded as an infrastructural technology with undeniable potential within the global economic model. The introduction of Bitcoin ETFs and central bank digital currencies (CBDCs) underscores the permanence of this technology. Blockchain ecosystems are driving significant transformations in the commercial landscape between the MENA and Sub-Saharan regions, offering comprehensive solutions to address the challenges encountered in cross-border trade and unbanked scenarios.
To ensure full participation and inclusion of women entrepreneurs in the blockchain ecosystem, addressing the high costs of information and communication technology (ICT), unreliable internet access, and the gender gap in technology is imperative. Providing digital literacy and ICT training can equip women entrepreneurs with the necessary skills to overcome these hurdles and thrive in the digital realm. Moreover, these challenges present opportunities for collaboration and innovation to support women-led SMEs.
To facilitate the successful integration of blockchain among women entrepreneurs, tech companies must collaborate closely with stakeholders, governmental bodies, financial institutions, and NGOs. Establishing a supportive regulatory environment and providing training, educational programs, and financial support for hardware are essential steps to directly assist women-led SMEs.
Blockchain technology plays a pivotal role in the future success of women-led SMEs in the MENA and African regions. The growing partnership between blockchain and women is becoming increasingly robust and promising, necessitating collaborative efforts from both sides to achieve success. Women are instrumental in driving technology adoption within households and will undoubtedly play a key role in democratizing access to blockchain technology.
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Naomi Whitney, the Chief Product Officer at Boom, is a dynamic executive who combines a liberal arts background with a tech-oriented mindset. Driven by a passion for excellence, customer satisfaction, and a strong sense of altruism, she brings a wealth of experience from the luxury beauty industry to her innovative work in the crypto sector.