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.

Cointelegraph reached out to the SIMBA Chain team for additional details on the development and will update this story as soon as we hear back.

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.

All Dutch and English crypto news!

How low can Ethereum price drop versus Bitcoin amid the DeFi contagion?

Ethereum's native token Ether (ETH) has declined by more than 35% against Bitcoin (BTC) since December 2021 with a potential to decline further in the...

6 Questions for Daniel Yan of Matrixport

We ask the buidlers in the blockchain and cryptocurrency sector for their thoughts on the industry… and throw in a few random zingers to keep...

Small-time investors achieve the 1 BTC dream as Bitcoin holds $20k range

Ever since early Bitcoin (BTC) investors woke up millionaires as the ecosystem gained tremendous popularity alongside the mainstreaming of the internet, investors across the globe...

Nifty News: Yuga Labs breaks silence, X2Y2 outpaces OpenSea and more…

Yuga Labs has finally broken its silence over the conspiracy theory that alleges the team embedded alt-right and Nazi memes/imagery into the artwork and branding...

Beste exchanges

Koop je crypto bij Bitvavo