Women + The Block

By Pamela Norton

It's no secret that several major obstacles stand in the way of women led ventures worldwide. While women represent a significant portion of new business start-ups, lack of access to credit, even in the world's most advanced economies, is well documented. Additionally, there is no shortage of countries with laws and cultural norms that restrict women from performing even the simplest of business transactions, such as opening a bank account. This limited access to credit and other financial services restricts women’s access to jobs and assets, not to mention the lost opportunity to create productive and sustainable markets. 

There are usually two ways to address problems: 

1) Address them "head on" which, for a problem that has existed for centuries, seems like a fool's errand.

2) Bypass the problem altogether, typically by leveraging an emerging technology.

The Blockchain is Exhibit A as a solution that bypasses seemingly insurmountable technical and cultural obstacles. This underlying technology was developed to share value between two parties that is secure and tamper-proof, launching accepted cryptocurrencies such as BitCoin. A number of financial and technology commentators have characterized this development as a "millenial male dominated frat party." 

Newsflash: The frat party has been crashed by Ethiopian women selling jewelry, eggs, and scarves for as little as 20 cents using their omnipresent cell phones.

The Blockchain has created an unprecedented opportunity to empower 10 million + women-owned small and medium enterprises (SMEs) around the globe, which represents 30% of all SMEs in emerging markets. Currently, 75% of these women-owned enterprises are unbanked or underbanked, which represents a market of roughly $300 billion per year. 

In addition to access to payment and credit capability, the blockchain also provides cost efficient authenticated digital identity, critical to overcome existing barriers for more women to participate in a growing supply chain of opportunities. 

Blockchain offers the capability to women to establish everything from new credit scores leveraging alternative data to new funding sources that bypass traditional and, in many cases, discriminatory intermediaries and institutions. The blockchain’s tamper-proof, transparency and traceability provides suppliers, buyers, retailers and ultimately the consumer with verified truth that the purchase aligns with their values. 

I call on women led investment groups, businesses, entrepreneurs and influencers to leverage the capability offered by the Blockchain to energize women around the world hungry for economic freedom and empowerment. #womeninblockchain #carpediem #blockchainit