The United States Government Accountability Office (GAO) has identified that blockchain technology might help to keep track of various programs run by the Small Business Administration (SBA), stated Cointelegraph.
Sources revealed that the GAO explored the use of blockchain in SBA programs, supporting entrepreneurs and small businesses. The report is expected to include blockchain’s ability to streamline annual reporting, facilitate safe loans and monitor business development progress, Cointelegraph added.
Reportedly,“These include using a blockchain-based ledger to expedite SBA’s reporting to Congress, assist in real-time data collection for determining program participants’ eligibility, and facilitate program oversight,” Cointelegraph highlighted.
Furthermore, it is believed “Blockchain could facilitate SBA oversight if information about the 7(a) loans were stored on a blockchain-based ledger. In this case, the characteristics of the loans and borrowers could be verified by trusted sources, ” Cointelegraph concluded.
(With insights from Cointelegraph)