The last ten years have seen an increase in the interest in women-led and -owned enterprises around the world, which has sparked strong community-building initiatives and the development of creative solutions for this expanding market.

Cross-border trade poses a significant barrier for women-led small and medium-sized firms (SMEs) in the Middle East and North Africa (MENA) area and sub-Saharan Africa, even with the availability of solutions. Despite their many common cultural beliefs, this obstacle substantially inhibits their ability to transact with each other and the rest of the world.

Blockchain technology is a new infrastructure that has enormous potential for female entrepreneurs who live nearby but are not connected economically. Some of the people who stand to gain the most from developing technology are women entrepreneurs in Sub-Saharan Africa and the Middle East. But they have financial difficulties that impede their ability to enter foreign markets and restrict their level of empowerment. Cultural obstacles, unfavourable legislation, high expenses, lack of transparency, inefficiencies, and restricted access to financing all contribute to obstacles for women-led SMEs in the region.

Increased diversity through blockchain

Blockchain has the power to drastically change the financial industry and make cross-border transactions easier for women. Trade obstacles are removed when companies use blockchain-based payment systems, opening up new markets and clientele. Consequently, this enables businesses to immediately repatriate their profits.

With the use of this technology, women-owned businesses may transform tangible assets into fully controllable, freely exchangeable on-chain assets. They now have financial freedom thanks to this solution, something that many people in this region of the world often lack. This economic independence is a crucial trigger for future socioeconomic improvements.

Using blockchain technology in conjunction with AI to address practical issues is one of the most cutting-edge and promising uses of this technology. Boom is an example of this integration; through the generation of credit scores, we employ decentralised AI to give firms access to loans. Financial institutions will have access to these credit scores, enabling women-led SMEs to obtain the funding and loans they require to develop and grow their companies.

Blockchain as a solution

Blockchain technology is considered an infrastructural technology, and its adoption by the global economic model is no longer in doubt. With the introduction of Bitcoin ETF and central bank digital currencies (CBDCs), it is evident that the technology is here to stay. Blockchain-based ecosystems are driving significant changes in the commercial landscape between the MENA and Sub-Saharan regions, offering a complete range of solutions that address the daily challenges faced by cross-border trade and unbanked situations.

It is imperative to tackle the exorbitant expenses associated with information and communication technology (ICT), the deficiency of dependable internet connectivity, and the gender disparity in technology to guarantee the complete integration and involvement of female entrepreneurs in the blockchain ecosystem. Giving women entrepreneurs access to ICT and digital literacy training can help them acquire the skills they need to flourish in the digital age and overcome these obstacles. Furthermore, these challenges can also present chances for cooperation and creativity to help women-led small and medium-sized businesses.

To boost the successful implementation of blockchain among women entrepreneurs, tech companies have to collaborate closely with various country holders, governmental agencies, financial institutions, and NGOs. They must create a conducive regulatory environment and support the SMEs directly by providing training and educational programs and financial envelopes for hardware.

The future prosperity of women-led small and medium-sized enterprises (SMEs) in the MENA and African areas depends on blockchain technology. Women and blockchain are developing a stronger, more promising relationship every day, but for it to succeed, cooperation is required from all sides. Women are crucial in pushing home technology use, and they will surely be key players in popularising blockchain.