US Air Force Uses SIMBA Chain to Develop Budgeting and Accounting System

0
134

For many years, the US military has been experimenting with blockchain in a number of contexts to improve its operations. Today, the United States Air Force (USAF) is adopting blockchain in its budgeting and accounting processes.

According to a Thursday press release, the USAF enlisted SIMBA Chain, a blockchain-as-a-service platform, to develop a blockchain-based system to track and monitor military cash flow as well as the quality and supply chain management. The goal of the project, dubbed Digital Blockchain Budgeting Accountability and Tracking (DiBaT), is to tokenize all USAF supply chain budget dollars, as well as track the movement of funds between billing centers, purchasing teams and suppliers.

See also  Finance Redefined: DAOs Rise, Solana Launches $100M DeFi Fund

DiBaT, according to the version, uses SIMBA Blocks to track and audit funds in a secure, trustless and tamper-proof blockchain that allows USAF leadership to see where the money is being used and how it is currently positioned in the system. allowance and payment. . It will also increase supply chain visibility and transparency of purchased materials.

Speaking to UKTN, Joel Neidig, co-founder and chairman of SIMBA Chain, said that the company and the US Air Force expect the project to have a beneficial influence on transparency and efficiency while helping them to determine the return on investment of items they acquire frequently. He added that:

“We have been working with Air Force for 4 years on various implementations, we are excited to move from the pilot and proof of concept phases to more production environments. Air Force is definitely the leader in blockchain adoption for the DoD .”

Related: US Air Force files trademark application for “SpaceVerse” initiative

The US military is made up of six branches: the Marines, Coast Guard, Army, Navy, Air Force, and Space Force. Half of these branches have already announced major plans to use blockchain technology or other forms of digital assets.

See also  Solana sees more weakness as the bears push for $20.

In 2019, the USAF selected SIMBA Chain to help secure its supply chain and also partnered with blockchain big data management startup Constellation. The US Navy awarded Consensus Networks a $1.5 million contract in November to create a blockchain-based logistics system called HealthNet. Last year, Space Force announced that it would release non-fungible token versions of patches and parts specifically designed for the launch of one of its spacecraft.

See also  Attackers loot $5m from Osmosis in LP exploit, $2m returned soon after