US GAO explores blockchain for SBA’s small business programs oversight

The United States Government Accountability Office (GAO) recovered that blockchain exertion tin assistance facilitate oversight of assorted programs tally by the Small Business Administration (SBA).

The GAO explored the imaginable usage of blockchain successful SBA programs, which provides enactment to entrepreneurs and tiny businesses. In its report, the GAO highlighted blockchain’s quality to streamline and amended yearly reporting, facilitate harmless loans and show concern improvement progress, among others.

Small Business Administration: Exploring Potential Use of Blockchain https://t.co/rJ4e8OTsc8

— U.S. GAO (@USGAO) July 11, 2023

While the SBA has not considered utilizing blockchain, experts cited successful GAO’s survey judge that blockchain tin assistance the national bureau flooded galore challenges it faces today:

“These see utilizing a blockchain-based ledger to expedite SBA’s reporting to Congress, assistance successful real-time information postulation for determining programme participants’ eligibility, and facilitate programme oversight.”

The survey progressive 4 SBA programs to analyse the imaginable usage and limitations of blockchain adoption. It recovered that blockchain could assistance mitigate fraud hazard successful the 7(a) Loan Program, SBA’s superior indebtedness warrant programme for providing fiscal assistance to tiny businesses:

“Blockchain could facilitate SBA oversight if accusation astir the 7(a) loans were stored connected a blockchain-based ledger. In this case, the characteristics of the loans and borrowers could beryllium verified by trusted sources.”

However, the exertion cannot deter lender work providers from committing fraud.

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The 8(a) Business Development Program — which helps tiny businesses owned and controlled by socially and economically disadvantaged radical — could usage blockchain to cod real-time information for determining the continuing eligibility of the participants.

Other imaginable blockchain usage cases highlighted by the GAO see expediting the exertion process of the Disaster Loan Program, and improving the timeliness of bureau reporting for the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

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