US Air Force taps SIMBA Chain to develop budgeting and accounting system

Must read

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process....

Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players may be viewed positively by the industry, but Tony Ling claims this does not impact mass adoption. ...

The path moving forward for ex-Ethereum miners remains unclear

It seems that some GPU owners have resorted to selling power to non-crypto projects following the Ethereum Merge. 1280 Total views...

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. 650 Total views 12 Total shares...

They said the purpose of DiBaT is to convert all dollars in the USAF supply chain budget into tokens and monitor fund movement across billing centers, purchasing centers and suppliers.

3102 Total views

18 Total shares

US Air Force taps SIMBA Chain to develop budgeting and accounting system

For many years, the United States Military has been experimenting with blockchain in a number of settings to enhance its operations. Now, the U.S. Air Force (USAF) is adopting blockchain into its budgeting and accounting processes.

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

DiBaT, as per the release, uses SIMBA Blocks to track and audit funds in a secure, zero-trust, tamper-proof blockchain that allows USAF management to view where money is being utilized and how it is presently positioned within the allocation and payment system. It will also increase supply chain visibility and transparency in the materials purchased.

Speaking with Cointelegraph, Joel Neidig, co-founder and president of SIMBA Chain, said that the firm and the US Air Force anticipate the project will have a beneficial influence on transparency and efficiency while also assisting them in determining the return on investment from items they acquire frequently. He added that:

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

Related: US Air Force files trademark application for ‘SpaceVerse’ initiative

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

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

More articles

Latest article

Bored Apes, Moonbirds to feature on NFT-customized Mastercard debit cards

The customizable card will only support NFT avatars from select blue chip collections, subject to Mastercard’s design standards and an owner verification process....

Innovation will drive NFT adoption despite mainstream presence: NFTGo founder

The presence of global players may be viewed positively by the industry, but Tony Ling claims this does not impact mass adoption. ...

The path moving forward for ex-Ethereum miners remains unclear

It seems that some GPU owners have resorted to selling power to non-crypto projects following the Ethereum Merge. 1280 Total views...

Acala Network to resume operations after burning 2.7B in aUSD stablecoin

A total of 2.97 billion aUSD erroneously minted were recovered after the glitch. 650 Total views 12 Total shares...

California files order against Nexo interest account, says it’s 8th state to take action

The state Department of Financial Protection & Innovation says the crypto-interest account is an unqualified security; Nexo has limited the accounts since the...