Small and medium-sized enterprises (SMEs), which represent more than 95% of the Moroccan economic fabric, face persistent challenges in terms of digitalization and access to financing. Haroun El Aouad, CTO of Blocreg Solutions, sheds light on the crucial role that blockchain and cryptocurrencies can play in the digital and economic transformation of these companies. From opening up to new international markets to creating a transparent and innovative financial ecosystem, he analyzes how these technologies could redefine the rules of the game for Moroccan SMEs.
Small and medium-sized businesses represent around 95% of the economy and jobs in Morocco. How can these companies, often not very digitalized, integrate cryptocurrencies?
The idea is that this transition to cryptocurrencies will allow the creation of an entire ecosystem around this technology. This revolution is both digital and economic.
Implementing blockchain will not only force or accelerate the digitalization of Moroccan companies, but also create new needs in various industries. These industries could really benefit from the applications of blockchain and cryptocurrencies. In fact, it is the creation of a whole new ecosystem in Morocco where new businesses can grow and prosper, and where new players can emerge.
This will boost the economy, because we are not only introducing a new economic subcategory, but also integrating technologies that make processes faster and more efficient. It is this combination of benefits that will force the creation of a system where different companies can integrate at different levels.
In practice, blockchain and cryptocurrencies can facilitate international transactions, reduce transaction costs and improve transparency. For Moroccan SMEs, often faced with financing and access to the global market challenges, this represents a major opportunity. By adopting these technologies, they can access new markets, attract foreign investors, and even obtain financing on more favorable terms.
Read also｜The regulation of cryptocurrencies in Morocco, an opportunity to boost the market
Ultimately, this technological integration can lead to significant transformation, allowing Moroccan SMEs to remain competitive in an increasingly digitalized global economy.
-For a very small business, such as a craft business, what benefits can cryptocurrency or blockchain bring?
The idea of blockchain and crypto is that they can be integrated in different ways into various businesses. For artisans, for example, we can imagine a future where it would be possible to buy Moroccan artisanal products, such as leather, using cryptocurrency. This would open up an international market for these products, which were previously limited to a local context.
The digitalization of commerce would not only modernize transactions, but also make Moroccan products accessible to an international clientele. It is therefore not only large companies that benefit from crypto, but also small businesses and artisans.
Integrating this technology could provide several benefits to small businesses, such as faster transactions, reduced transaction costs and better product traceability. Furthermore, access to a global market could increase the income of artisans and small businesses, allowing them to sell directly to foreign customers without intermediaries.
Furthermore, blockchain could simplify payment procedures and increase customer trust thanks to the transparency and security it offers. Small businesses could also use smart contracts to automate certain administrative tasks, reducing costs and human errors.
In short, this technological integration will allow Moroccan artisans and small businesses to be ahead of their international competitors, offering them tools to develop and prosper in the global market. It is really this vision of a dynamic and integrated ecosystem that we wish to implement over time.
What impact could blockchain have on the financing of SMEs and how would this transformation translate into practice?
Blockchain has the potential to revolutionize the financing methods of SMEs, which constitute an essential part of the economic fabric. By integrating this technology, it becomes possible to create a transparent and accessible digital ecosystem, facilitating the assessment of risks and opportunities. It could also help build more inclusive financing systems, simplifying processes and opening up new possibilities for accessing credit, particularly for businesses in the growth phase.
Concretely, with the rise of blockchain, the digitalization of businesses will become essential, encouraging banks to review their strategies in favor of digital and strategic projects. For example, the creation of “blockchain credits” could meet the specific needs of SMEs by offering them innovative financing and more advantageous conditions. These solutions would also strengthen the confidence of lenders thanks to the transparency and traceability offered by blockchain.
