US Explores Blockchain For Small Business
The United States Government Accountability Office (GAO) found that blockchain technology can help facilitate oversight of various programs run by the Small Business Administration (SBA).
The GAO explored the potential of blockchain in SBA programs, highlighting its potential to streamline annual reporting, facilitate safe loans, and monitor business development progress. Although the SBA has not yet considered blockchain, experts believe it can help overcome challenges faced by the federal agency.
A study examining blockchain adoption in four Small Business Administration (SBA) programs found that it could mitigate fraud risk in the 7(a) Loan Program and collect real-time data for eligibility determination in the 8(a) Business Development Program. Additionally, blockchain could expedite the Disaster Loan Program application process and improve agency reporting timeliness for SBIR and STTR programs. The GAO also highlighted potential use cases for blockchain in these programs.
(With inputs from Shikha Singh)
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