IFC worked with key influencers and experts in the world of blockchain, distributed ledgers, and digital finance to create a series of six in-depth research papers examining the potential and perils of blockchain. The report highlights that a number of blockchain-based projects are now coming to life. A European Union consortium of seven banks called the Digital Trade Chain is collaborating with IBM to develop a supply chain management and trade finance platform using blockchain technology. The goal is to make cross-border commerce easier for European small and medium enterprises (SMEs).
The report also makes a case for inclusion for women in the global value chain. In terms of business ownership, there are approximately 10 million women-owned small and medium enterprises (SMEs) around the globe, representing around 30 percent of all SMEs in emerging markets. Seventy percent of these women-owned enterprises are unbanked or underbanked, which represents a finance gap of roughly $300 billion per year.136 Access to financial services such as credit, savings, and insurance are considered one of the major barriers to growth for women-owned businesses.
Thirdly, the report speaks on the lack of sufficient digital skills, which they see as an obstacle to adoption, especially for SMEs and micro-enterprises that do not have the financial means to attract talent.