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US GAO explores blockchain for SBA’s small enterprise applications oversight


The USA Authorities Accountability Workplace (GAO) discovered that blockchain know-how will help facilitate oversight of assorted applications run by the Small Enterprise Administration (SBA).

The GAO explored the potential use of blockchain in SBA applications, which offers assist to entrepreneurs and small companies. In its reportthe 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

— US GAO (@USGAO) July 11, 2023

Whereas the SBA has not thought-about utilizing blockchain, specialists cited in GAO’s examine imagine 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 knowledge assortment for figuring out program members’ eligibility, and facilitate program oversight.”

The examine concerned 4 SBA applications to look at the potential use and limitations of blockchain adoption. It discovered that blockchain may assist mitigate fraud threat within the 7(a) Mortgage Program, SBA’s major mortgage assure program for offering monetary help to small companies:

“Blockchain may facilitate SBA oversight if details about the 7(a) loans had been saved on a blockchain-based ledger. On this case, the traits of the loans and debtors might be verified by trusted sources.”

Nonetheless, the know-how 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 individuals — may use blockchain to gather real-time knowledge for figuring out the persevering with eligibility of the members.

Different potential blockchain use circumstances identified by the GAO embody expediting the applying 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) applications.

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