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

17-Jun-2022 By: Rohit Tripathi

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

The US Military has been experimenting with blockchain in a variety of situations to improve its operations for many years. Now, the USAF is adopting blockchain into its budgeting and accounting processes.

The US Air Force has recruited SIMBA Chain, a blockchain-as-a-service platform, to construct a blockchain-based system for tracking and analyzing the military's cash flow and supply chain quality and management, according to a news statement issued on Thursday. The project's purpose is to tokenize all funds in the USAF supply chain budget and trace money flow throughout billing centers, purchasing teams, and vendors.

According to the press announcement, DiBaT employs SIMBA Blocks to monitor and audit funds in a secure, zero-trust, tamper-proof blockchain, allowing USAF management to see where money is being spent and where it is now positioned within the allocation and payment system. It will also improve the visibility and transparency of the commodities acquired in the supply chain.

According to Joel Neidig, co-founder, and president of SIMBA Chain, the company and the US Air Force expect the initiative to improve transparency and efficiency while also supporting them in assessing the return on investment from things they buy on a regular basis.

He said, "We have been working with the Air Force on various implementations over the past four years, and we are delighted to go beyond the pilot and proof of concept phases into more production situations. For the Department of Defense, the Air Force is unquestionably in the forefront of blockchain implementation."

The Marines, Coast Guard, Army, Navy, Air Force, and Space Force are the six branches of the US military. Half of these branches have already said that they want to use blockchain technology or other digital assets.

In 2019, the US Air Force chose SIMBA Chain to assist protect its supply chain, and it also teamed with Constellation, a blockchain big data management business. In November, the US Navy granted Consensus Networks a $1.5 million contract to develop HealthNet, a blockchain-based logistics system. Last year, Space Force said that nonfungible token versions of patches and coins will be released in conjunction with the launch of one of its spacecraft.

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