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Blockchain’s Many Uses the Spotlight of Small Business Committee Meeting

The House Committee on Small Business examined how blockchain can play a role in reducing costs, strengthening small businesses and facilitating innovation during a recent Capitol Hill hearing, according to information from its ranking member, Rep. Steve Chabot, a Republican from Ohio.

capitol 720677 640smallThe committee hosted the hearing, “Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses,” at the Rayburn House Office Building earlier this month. It featured the testimony of business owners and experts in digital commerce and blockchain.

“Blockchain technologies are one of the newest advancements with the potential to create a positive effect on our industries,” said Chabot. “It is important to examine this growing field in order to learn more about the potential security benefits and cost reductions. Of course, as with all new technologies, we must be aware of any potential challenges that may adversely impact individuals or businesses, especially small businesses.”

Testimony at the hearing was provided by:

  • Shane McRann Bigelow: CEO, Ownum, LLC (On behalf of the Chamber of Digital Commerce)
  • Dawn Dickson: CEO, PopCom
  • Marvin Ammori: General Counsel, Protocol Labs (On behalf of the Blockchain Association)
  • Jim Harper: Visiting fellow, American Enterprise Institute

“Blockchains may allow various business functions to be conducted at lower costs. On the theory that each dollar saved is more precious to a small business than it is to a larger business, I think that’s a distinct and important benefit for small businesses,” said Harper. “Second, blockchains may allow for diversified and open market structures that support more niches and specialties.”

Harper used the example of BeefChain, noting its ability to facilitate savings associated with better handling of tainted supplies and other benefits like its ability to help smaller specialty producers to serve national markets, to drive home his point, per information from Chabot’s office.

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Information from the House Committee on Small Business, which is chaired by Rep. Nydia M. Velázquez, a Democrat from New York, noted blockchain is often discussed regarding its support of bitcoin, but it has a bevy of other uses like tracking goods and facilitating peer-to-peer transactions.

Dickson said the savings potential is in the trillions of dollars, with room to grow in the next couple of years. “We’re using blockchain to optimize machine driven transactions for government regulated products that require identity verification, sales compliance, supply chain information, or a combination of all three,” said Dickson in a statement. “There is tremendous opportunity in this space–over $3 trillion in global revenue, growing to $5 trillion by 2022.”

Ammori claims blockchain’s reach goes “far beyond money listed in a ledger” and included supply chain, healthcare, vital records, and “anywhere else you would want multiple people reaching a consensus,” according to information from Chabot’s office. “Creating a marketplace in online storage may drive down the cost of data storage, [which is a] real cost for almost every business in every sector,” he said.

To view the entire committee proceeding, visit this YouTube link.

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