MSMEs could help boost the Economy in Emerging Markets through Blockchain Technology

MSMEs (Micro, Small and Medium Enterprises) in emerging markets are one of the biggest contributors to their economy - almost 40% of their GDP and 60% of total employment. 70% of them lack access to credit and basic financial services. They operate mostly in cash transactions which they may or may not record in their bookkeeping. The data is neither verifiable nor digital – which means financial institutions do not recognize this information. Lacking a line of credit also means they can’t take any material or products in advance from vendors, hindering their expansion.