The US Authorities Accountability Workplace (GAO) discovered that blockchain expertise may help facilitate oversight of varied Small Enterprise Administration (SBA) packages.
GAO investigated the potential use of blockchain in SBA packages that assist entrepreneurs and small companies. In his reportAmongst different issues, GAO emphasised blockchain's capacity to streamline and improve annual reporting, allow safe credit score, and monitor enterprise improvement progress.
Small enterprise administration: Exploring the potential use of blockchain https://t.co/rJ4e8OTsc8
— US GAO (@USGAO) July 11, 2023
Whereas the SBA has not thought of utilizing blockchain, specialists cited within the GAO research imagine that blockchain may help the federal company tackle quite a few challenges it faces in the present day:
“This consists of utilizing a blockchain-based ledger to expedite SBA reporting to Congress, assist real-time information assortment to find out program participant eligibility, and facilitate program oversight.”
The research included 4 SBA packages to look at the potential advantages and limitations of blockchain adoption. It was discovered that blockchain may assist mitigate the danger of fraud within the 7(a) mortgage program, the SBA's fundamental mortgage assure program for offering monetary help to small companies:
“Blockchain may facilitate SBA oversight if details about the 7(a) loans have been saved in a blockchain-based ledger. On this case, the traits of the loans and debtors may very well be verified by trusted sources.”
Nonetheless, expertise can not cease credit score servicers from committing fraud.
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The 8(a) Enterprise Growth Program — which helps small companies owned and managed by the socially and economically deprived — may use blockchain to gather real-time information to find out additional eligibility of members.
Different potential blockchain use circumstances that GAO is highlighting embody dashing up the appliance course of for the Catastrophe Mortgage Program and bettering the timeliness of company reporting for the Small Enterprise Innovation Analysis (SBIR) and Small Enterprise Know-how Switch (STTR) packages.
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