The USA Authorities Accountability Workplace (GAO) discovered that blockchain expertise will help facilitate oversight of assorted packages run by the Small Enterprise Administration (SBA).
The GAO explored the potential use of blockchain in SBA packages, which supplies help to entrepreneurs and small companies. In its report, the GAO highlighted blockchain’s capacity to streamline and enhance annual reporting, facilitating secure loans and monitoring enterprise growth progress amongst others.
Small Enterprise Administration: Exploring Potential Use of Blockchain https://t.co/rJ4e8OTsc8
— U.S. GAO (@USGAO) July 11, 2023
Whereas the SBA has not thought of utilizing blockchain, specialists cited in GAO’s research consider that blockchain will help the federal company overcome quite a few challenges it faces as we speak:
“These embody utilizing a blockchain-based ledger to expedite SBA’s reporting to Congress, help in real-time information assortment for figuring out program contributors’ eligibility, and facilitate program oversight.”
The research concerned 4 SBA packages to look at the potential use and limitations of blockchain adoption. It discovered that blockchain might assist mitigate fraud danger within the 7(a) Mortgage Program, SBA’s major mortgage assure program for offering monetary help to small companies:
“Blockchain might facilitate SBA oversight if details about the 7(a) loans have been saved on a blockchain-based ledger. On this case, the traits of the loans and debtors could possibly be verified by trusted sources.”
Nevertheless, the expertise can not deter lender service suppliers from committing fraud.
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The 8(a) Enterprise Growth Program — which helps small companies owned and managed by socially and economically deprived folks — might use blockchain to gather real-time information for figuring out the persevering with eligibility of the contributors.
Different potential blockchain use circumstances identified by the GAO embody expediting the appliance means of the Catastrophe Mortgage Program and enhancing the timeliness of company reporting for The Small Enterprise Innovation Analysis (SBIR) and Small Enterprise Expertise Switch (STTR) packages.
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