House committee to explore benefits of blockchain for small businesses next week

The U.S. House of Representatives Committee on Small Business will hold a hearing on blockchain’s impact on small businesses next week.

The hearing – "Building Blocks of Change: The Benefits of Blockchain Technology for Small Businesses" will be held at 11:30 a.m. EDT on March 4, according to the committee’s website. The hearing "will explore how innovators and entrepreneurs are using blockchain technology to help small businesses boost productivity, increase security, open new markets, and change the way business is done."

The witnesses set to appear are Shane Bigelow, CEO of Ownum; Marvin Ammori, general counsel for Protocol Labs; Jim Harper, visiting fellow for the American Enterprise Institute; and Dawn Dickson, CEO of PopCom.

When reached for comment, committee chairwoman Nydia Velázquez told The Block that "it is vital that Congress keep pace with the evolving needs of our country’s innovative small businesses."

"Entrepreneurs across the nation have already begun to utilize blockchain to enhance their security, spread their products to new markets, and run their daily operations," she said in a statement. "Congress must have a clear understanding of how blockchain is utilized and how it can help small businesses moving forward."