It found that blockchain could help mitigate fraud risk in the 7 Loan Program, SBA’s primary loan guarantee program for providing financial assistance to small businesses:
“Blockchain could facilitate SBA oversight if information about the 7 loans were stored on a blockchain-based ledger. In this case, the characteristics of the loans and borrowers could be verified by trusted sources.”US reportedly plans to restrict China’s access to cloud computing services The 8 Business Development Program — which helps small businesses owned and controlled by socially and economically disadvantaged people — could use blockchain to collect real-time data for determining the continuing eligibility of the participants.
Other potential blockchain use cases pointed out by the GAO include expediting the application process of the Disaster Loan Program and improving the timeliness of agency reporting for The Small Business Innovation Research and Small Business Technology Transfer programs.
In its report, the GAO highlighted blockchain’s ability to streamline and improve annual reporting, facilitate safe loans and monitor business development progress, among others.
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