After securing a $1.5million contract with the US Air Force (USAF) in 2020, and several expansions in 2021, the blockchain-as-a-service firm SIMBA Chain has been awarded a seventh contract with the air service branch. The new deal tasks SIMBA Chain with the creation of a blockchain-based system for tracking and monitoring the USAF’s movement of funds and supply chain quality and management.
Named Digital Blockchain Budgeting Accountability and Tracking (DiBaT), the project involves the tokenisation of every dollar within USAF’s supply chain budget and the recording of fund movement across billing centers, purchasing departments, and suppliers.
DiBaT leverages SIMBA Blocks’ custom multi-chain blockchain platform to keep track of and audit funds in a safe, zero-trust, tamper-proof blockchain, enabling USAF management to see where money is being used and how it is presently positioned within the allocation and payment system. Additionally, it will enhance supply chain visibility to demonstrate readiness and increase visibility and transparency in the materials being acquired.
“DOD’s budgeting process can create mismatched incentives for military departments and their field commands, leading to less efficient execution of strategic goals. DiBaT will bring greater transparency to actual expenditure of resources, identifying execution vs intent mismatches. Even better, it will not alter any current budget flexibility. ” says Jeff Curtis, director of defense and supply chain at SIMBA Chain.
Besides increasing trust and providing audit-like mapping of dollars via tokenised spending, SIMBA Chain’s solution will 1) rapidly determine if parts are coming from or being made in China in an earthquake zone, 2) identify if a supplier no longer manufactures a part, 3) detect if parts are coming from an area where human capital is being exploited, and 4) identify potential high-risk supplies.
This will enable portfolio-based management of DoD acquisition programs, enhance digital budgets to include real-time tracking of actual costs, and establish Free Cash Flow incentives while documenting savings by allowing commanders or departments to use a portion for immediate priorities, among other benefits.
SIMBA Chain stands out in solving market imperfections around supply chain and financial management. The firm’s seventh engagement with USAF under the Small Business Innovation Research (SBIR) initiative accentuates its position as the “go-to” platform for the US Department of Defense in blockchain-related matters.
Go to Publisher: The Fintech Times
Author: Francis Bignell