Blockchain Technology Offers Range of Possibilities for Small Business
WASHINGTON – Today, the House Committee on Small Business heard from experts and small business owners on the various ways entrepreneurs are leveraging blockchain technology.
“Blockchain technologies are one of the newest advancements with the potential to create a positive effect on our industries,” said Ranking Member Steve Chabot (R-OH). “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.”
Emerging Role for Blockchain in Online Storage, Sales Compliance, and Supply Chain Information
“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 Mr. Jim Harper, Visiting fellow, American Enterprise Institute, in Washington, DC. “Second, blockchains may allow for diversified and open market structures that support more niches and specialties. …In my written testimony I focused on an effort called BeefChain. Along with saving on costs and losses when meat supply might be tainted, BeefChain may allow small producers of specialty meats to serve national markets.”
“With blockchain as the intermediary, immediately the car title can be shifted from the bank back to the owner. The owner can then give it to somebody else,” said Mr. Shane McRann Bigelow, CEO, Ownum, LLC, in Cleveland, OH. Mr. Bigelow testified on behalf of the Chamber of Digital Commerce.
“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 Ms. Dawn Dickson, CEO, PopCom, in Columbus, OH. “There is tremendous opportunity in this space – over $3 trillion in global revenue, growing to $5 trillion by 2022.”
“The invention of blockchains can affect industries far beyond money listed in a ledger, including health care, supply chain, vital records, and anywhere else you would want multiple people reaching a consensus, including enabling competition in internet infrastructure such as services in cloud storage,” said Mr. Marvin Ammori, General Counsel, Protocol Labs, in Wilmington, DE. Mr. Ammori testified on behalf of the Blockchain Association. “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.”