US airforce taps SIMBA chain for budgeting and accounting system
DiBaT aims to tokenise all money inside the USAF supply chain budget and trace fund flow throughout billing centres, purchasing teams, and suppliers
DiBaT aims to tokenise all money inside the USAF supply chain budget and trace fund flow throughout billing centres, purchasing teams, and suppliers

By Shashank Bhardwaj

Image: Shutterstock

Blockchain startup SIMBA announced an SBIR contract (Small Business Innovation Research) with the USAF (US Airforce). This is their seventh contract and comprises tokenising the USAF supply chain budget to track the transfer of monies between departments and vendors while also keeping an eye on potential supply concerns.

In the project, called Digital Blockchain Budgeting Accountability and Tracking (DiBaT), each dollar in the US Air Force's supply chain budget is tokenised and the flow of funds between billing centres, purchasing divisions, and suppliers is tracked. The objective is to speed up the process of comparing budgeted plans to the actual expenditure by adding blockchain.

DiBaT will use SIMBA blocks to track and audit cash in a secure, zero-trust, tamper-proof blockchain, allowing USAF management to see where money is being used and where it is currently positioned within the allocation and payment system.

Joel Neidig, co-founder and president of SIMBA, while in conversation with Cointelegraph talked about how both the organisation and the USAF believe that the project will improve transparency and efficiency while also assisting them in calculating the return on investment from things they routinely procure.

He said, "We have been working with the 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. The Air Force is definitely the leader in blockchain adoption for DoD."

Jeff Curtis, Director of Defense and Supply Chain of SIMBA, also issued a statement regarding the contract stating, "DOD's budgeting process can create mismatched incentives for military departments and their field commands, leading to the less efficient execution of strategic goals" He also added that "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."

The company's first SBIR contract with the USAF started in 2019, and it has also worked with other DOD divisions, including a $9.5 million contract with the Navy in 2020.

These other contracts included the use of blockchain for part traceability. That suggests a substantial level of integration between SIMBA and other systems, which is a significant component of the effort in a project like this.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash

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BAYC Metaverse witnesses $300 million sales at launch

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21Shares and ByteTree launch a gold-cum-Bitcoin ETP

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NFT sector to process more than $800 billion in next 2 years: report

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Telegram to allow users to send crypto

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Goldman Sachs rolls out first bitcoin-backed loan

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Ukrainian government to accept NFT donations

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Bitcoin not a panacea for Africa's economic woes: IMF

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Mexico Senate gets Bitcoin ATM

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Edward Snowden reveals he's one of the creators of Privacy Coin Zcash

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BlackRock launches blockchain industry ETF

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Ethereum's incoming switch to Proof-of-Stake driving down GPU prices

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Central African Republic adopts bitcoin as legal currency

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Brazil approves law to regulate crypto

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Binance announces crypto card for Ukrainian refugees

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New York bans crypto mining using non-renewable power

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NFL Releases NFT collection on Polygon

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Sustainable Bitcoin mining grew 60% in the past year

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Bored Ape Club Instagram hacked, NFTs stolen

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Dogecoin surges after Twitter accepts Musk's buyout offer

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Meta to open first physical store in metaverse bet

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New York looking to criminalise crypto frauds

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Popular NFT launch on Ethereum loses $34 million in faulty smart contract

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DeFi platforms at much higher risk than centralised exchanges: report

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Twitter to allow crypto payments, backed by Stripe

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Bahamas may allow residents to pay taxes with crypto

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Coinbase to acquire BtcTurk exchange for $3.2 billion

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Paris Hilton invests in Afterparty's new NFT ticketing platform

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Ridley Scott to Make a Movie on Ethereum

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Russia to include cryptocurrencies in its updated tax laws

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40 crypto companies sign open letter to EU regulators

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BTC and ETH will break all-time highs in 2022: Celsius CEO

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Blockchain games are leading the DApp industry: DappRadar report

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Finance Minister Nirmala Sitharaman calls for global crypto regulations

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WazirX co-founders shifting base to Dubai

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Blockchain.com reportedly exploring IPO this year

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CoinDCX raises over $135 million in fresh funding round, now worth $2 billion

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Atari terminates blockchain joint venture with ICICB Group

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Monero's July hard fork confirmed by its community

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Backed by Shark Tank's Kevin O'Leary, WonderFi set to acquire Canadian exchange Coinberry

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US Govt Links North Korea to Axie Infinity Hack

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Jack Dorsey's first tweet NFT resells for only $280

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Opera crypto browser now available on iOS

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Beanstalk Stablecoin protocol loses $182 million in governance exploit

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Jack Dorsey vs. Vladimir Tenev on Bitcoin transaction fees

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Ripple claims 'a very big win' in SEC case

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Argentinian town to invest in crypto mining to fight inflation, upgrade rail infra

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Pantera Capital closing fundraise for its blockchain fund after raising $1.3 billion

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Homegrown blockchain co Polygon commits to go carbon neutral this year

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NBA registers four NFT trademarks

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US crypto expert jailed 63 months for helping North Korea

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Fortnite developer Epic Games raises $2 billion to build for the metaverse

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Indian companies storm the metaverse and NFT space

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Coinbase is producing a movie trilogy on Bored Ape NFTs

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Multiple Indian Twitter accounts hacked, NFT content posted

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German police shut down $1.3 billion illegal darknet firm

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Meta tests sale of virtual goods in metaverse

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Bitcoin 2022 Conference: Bitcoin Maximalists attack national currencies

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Binance Gets In-Principle Approval to Operate as Crypto Broker in Abu Dhabi

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EU limits Russians' crypto investments to 10k Euros

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Coinbase suspends UPI payments in India three days after launch

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From KFC to Tesla, Dell: Crypto-curious corporations struggle to find right recipe

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In Texas, crypto miners turn to solar power

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South Africa concludes technical Proof-of-Concept for its CBDC settlement system

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Terra buys $200 million in AVAX for reserves

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Bitcoin will remain as a standard: Chess world champion Garry Kasparov

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Coinbase launches in India

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Meta working on virtual money 'Zuck Bucks': report

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Germany closes Russian darknet marketplace Hydra

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Britain paves way to accept stablecoin

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Crypto industry reels from $600 million hack

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NFT of Nelson Mandela's arrest warrant auctioned for $130,000

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Bank of England calls for tighter regulation of cryptocurrencies

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ECB's Lagarde 'concerned' about crypto use to dodge Russia sanctions

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Crypto provides fix for some in crisis-hit Afghanistan

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Bitcoin to the rescue: Cryptocurrencies' role in Ukraine

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Digital art in spotlight as Dubai makes crypto hub bid

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G7 looks to thwart cryptoassets use as Russian sanctions dodge

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Can cryptocurrencies give Russia, others breather from economic sanctions?

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Cryptocurrencies enter Russia-Ukraine conflict

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Russia seeks to regulate cryptocurrencies

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Donald Trump's NFT collection to laud his own presidency

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