US GAO Explores Blockchain for SBA Small Business Oversight

2023-7-12 14:32

“Government Watchdog Identifies Blockchain’s Potential in Enhancing Oversight of SBA’s Small Business Programs”

A recent report from the Government Accountability Office (GAO) sheds light on how blockchain technology can revolutionize the monitoring and management of Small Business Administration (SBA) programs.

In an effort to support entrepreneurs and small businesses, the GAO explored the viability of blockchain implementation in various SBA initiatives. The report emphasizes the potential of blockchain to streamline annual reporting processes, facilitate secure loan transactions, and effectively track business development progress.

Although the SBA has yet to consider integrating blockchain, experts consulted in the GAO study believe that this innovative technology can help overcome existing challenges faced by the federal agency. By leveraging blockchain-based ledgers, the SBA could expedite reporting to Congress, enable real-time data collection for eligibility assessments, and enhance program oversight.

The study focused on four SBA programs to assess the benefits and limitations of adopting blockchain. Notably, blockchain implementation could mitigate fraud risks within the 7(a) Loan Program, which is crucial for providing financial assistance to small businesses. By storing loan information on a blockchain-based ledger, the SBA could verify loan characteristics and borrower details through trusted sources.

However, it’s important to note that blockchain technology alone cannot eliminate fraudulent activities committed by lender service providers.

Additionally, the GAO identified the potential of blockchain in collecting real-time data for determining ongoing eligibility in the 8(a) Business Development Program, which supports socially and economically disadvantaged small business owners. Other highlighted use cases include expediting the application process for the Disaster Loan Program and improving the timeliness of agency reporting in the Small Business Innovation Research (SBIR) and Small Business Technology Transfer (STTR) programs.

Overall, the GAO’s findings underscore the transformative potential of blockchain in enhancing oversight and efficiency within the SBA’s small business programs.

Сообщение US GAO Explores Blockchain for SBA Small Business Oversight появились сначала на Coinstelegram.

Similar to Notcoin - TapSwap on Solana Airdrops In 2024

origin »

Small Love Potion (SLP) на Currencies.ru

$ 0 (+0.00%)
Объем 24H $0
Изменеия 24h: 0.00 %, 7d: 0.00 %
Cегодня L: $0 - H: $0.0024126
Капитализация $0 Rank 99999
Цена в час новости $ 0.039317 (-100%)

small business sba blockchain government programs oversight

Источник: coinstelegram.com

small business → Результатов: 126


SIMBA Chain receives $1.5M contract from the U.S. Office of Naval Research

Today, it was announced that the  U. S. Office of Navy Research has awarded a $1. 5 million Small Business Innovation Research (SBIR) Phase II contract (N68335-21-C-0178) to SIMBA Chain to design and build a blockchain solution to enable demand sensing for the Defense Logistics Agency, the combat support and supply chain agency of the United States Department […] CryptoNinjas » SIMBA Chain receives $1.

2021-1-13 19:14


Фото:

The Stimulus Cover Up: Small Businesses Cheated, Corrupt Covid-19 Stats, Crony Benefits

Last week thousands of Americans have been reporting that they received their stimulus check, while many people have been having issues with the system. Moreover, the Coronavirus Aid, Relief & Economic Security (CARES) Act has not been able to cover everyone and the Small Business Administration’s (SBA) coronavirus relief program was recently drained in minutes.

2020-4-20 22:05


China’s State-Owned Bank, CCB, Launches A Blockchain-Based Small Business Financing Platform

One of China’s largest financial institutions, China’s Construction Bank (CCB) launched its blockchain based re-factoring platform. The announcement, released on December 10th by local news outlet, Sina Finance App, further points out the bank aims to boost efficiency and reduce risks pinned to the factoring business.

2019-12-11 17:04


Kauri ICO

As big fans of cryptocurrency industry, we’re integrating them into our, already working, business model. The main goal is to help whole cryptocurrency industry to generate new usability opportunities, move towards mass adoption and simultaneously give our clients/investors with relatively small amounts of money chance to participate something bigger through tools such as crowd investing.

2019-10-11 22:33


Security focused Android-based mobile operating system ClearOS launches

Security focused Android-based mobile operating system ClearOS launches - CryptoNinjas ClearFoundation, a New Zealand organization with the goal of ensuring that every small business and distributed IT environment can have access to enterprise-grade IT security, privacy, filtration, and management tools, today announced the launch of ClearOS Mobile, the new mobile version of its popular ClearOS Server Linux-based operating system.

2019-10-8 21:26


Фото:

На рынке цифрового страхования появился новый «единорог»

Страховой стартап из Кремниевой долины — Next Insurance — привлек $250 млн венчурного финансирования в ходе инвестиционного раунда серии C и достиг оценки в $1 млрд. Об этом пишет издание TechCrunch.

2019-10-8 19:38


Cardano Foundation partners with Berlin-based blockchain venture to accelerate ‘real-world business use-cases’

The use of blockchain technology has spread over several industries across the world today, use accelerated by several organizations that operate on networks built on blockchain. In a recent development, the Cardano Foundation has collaborated with the Berlin-based blockchain venture, Konfidio, intending to stimulate the use of blockchain models in corporations, small and medium enterprises, […] The post Cardano Foundation partners with Berlin-based blockchain venture to accelerate ‘real-world business use-cases’ appeared first on AMBCrypto.

2019-8-15 20:30


дальше еще 77 новостей →

Партнеры Currencies.ru

Реклама на Currencies.ru

Самое свежее на Currencies.ru

Eclipse Labs appoints new CEO after investors ‘urge’ founder to resign

Eclipse Labs replaced Neel Somani with Vijay Chetty as the firm's new CEO Investors, led by Hack VC, could have played a role in the change in management  Eclipse Labs has replaced its founThe post Eclipse Labs appoints new CEO after investors ‘urge’ founder to resign appeared first on AMBCrypto.

Is Arbitrum's latest record good news for ARB's price? Metrics say...

Arbitrum active addresses registered figures of 900,000 for consecutive days ARB's market trend has continued to fall though Arbitrum is in the news today after it seemed to solidify its posThe post Is Arbitrum's latest record good news for ARB's price? Metrics say... appeared first on AMBCrypto.

XRP whales add $55 million, but the price falls again - What's happening?

XRP whales have increased their accumulation of the token over the last 14 days However, this failed to affect the altcoin's price positively XRP's price has maintained a downtrend on the chThe post XRP whales add $55 million, but the price falls again - What's happening? appeared first on AMBCrypto.

Countdown to Notcoin's Binance listing - Will NOT and TON profit from it?

78% of NOT’s total supply will be allocated to miners  TON turned bearish as its price dropped by more than 3.5% The wait for the much-hyped Notcoin [NOT] launch is about to end soon. As The post Countdown to Notcoin's Binance listing - Will NOT and TON profit from it? appeared first on AMBCrypto.