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They stated that DiBaT’s purpose is to convert all USF supply budget dollars into tokens, and monitor fund movement between billing centers, purchasing centres and suppliers.

The United States Military has used blockchain for many years to improve its operations. The U.S. Air Force (USAF), is now using blockchain in its accounting and budgeting 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. Digital Blockchain Budgeting Accountability and Tracking (DiBaT) is a project that aims to tokenize all dollars in the USAF supply budget and track funds movement across billing centers and purchasing teams as well as suppliers.

According to the release, DiBaT uses SIMBA Blocks for auditing and tracking funds. This secure, zero-trust blockchain allows USAF management access to see where money is used and where it is currently located within the allocation system. It will also improve supply chain visibility and transparency for the materials purchased.

Joel Neidig, cofounder and president, SIMBA Chain, spoke with Cointelegraph. He stated that the US Air Force and the firm anticipate the project will have a positive influence on transparency, efficiency, and help them determine the return on investments from items they purchase frequently. He also said that:

“We have worked with Air Force over the past four years on different implementations. We are excited to move beyond the pilot and proof-of-concept phases into more production environments. Air Force is the clear leader in blockchain adoption by DoD.
Six branches make up the United States military: the Marines Coast Guard, Army Coast Guard, Navy, Air Force and Space Force. The majority of these branches have announced plans to use blockchain technology or other digital assets in the past.

The USAF chose SIMBA Chain in 2019 to secure its supply chain. Also, partnered up with Constellation, a blockchain-based big data management startup. In November, the U.S. Navy gave Consensus Networks $1.5 million contract to develop a blockchain-based logistics system called HealthNet. Space Force stated last year that it would issue nonfungible tokens of patches and coins specially tailored for the launch of its spacecraft.

The post US Air Force to Convert All Budgeting Dollars into Tokens to Closely Monitor Spending first appeared on The Daily Encrypt.



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Angie Byrd