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As per a recent investigation by the Government Accountability Office (GAO) in the US, the integration of blockchain technology could lead to significant improvements in the execution and oversight of multiple Small Business Administration (SBA) programs. The GAO's report underscores the efficiency of blockchain in enhancing yearly reporting, encouraging secure loans, and tracking the progression of business development, among other aspects.
Various experts consulted during the study acknowledged the potential of blockchain to assist the SBA in resolving many of its current difficulties. Blockchain's capabilities include accelerating reporting to Congress, enhancing real-time data acquisition for evaluating eligibility for program participants, and facilitating program scrutiny.
The investigation focused on four SBA initiatives to understand the advantages and limitations of implementing blockchain technology. The study pinpointed that the use of blockchain could curb the risk of fraud in the SBA's 7(a) Loan Program, the primary scheme for offering financial assistance to small businesses. Blockchain technology could enhance SBA supervision if the details of the 7(a) loans were held on a blockchain-based register. In such a scenario, the attributes of the loans and borrowers could be authenticated by trustworthy sources.
However, the study also warns that the technology alone cannot deter fraudulent activities by lender service providers. Apart from this, the report by the GAO suggests more possible uses for blockchain. These include speeding up the application process for the Disaster Loan Program and boosting the promptness of agency reports for The Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.
Despite its potential benefits, the SBA has not yet contemplated the use of blockchain. However, the conclusions of the GAO's report might trigger discussions about the technology's possible integration into the SBA's activities.
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