Key takeaways:
- A $30 million Strategic Initiative has been approved for SIMBA Chain, an Indiana-based developer of blockchain solutions.
- The U.S. Air Force (USAF) provided the financing through its STRATFI program.
SIMBA Chain, a blockchain solutions provider, has been assigned a $30M STRATFI with the United States Air Force (USAF), having followed up on several completed projects for the military branch in recent years.
For a while now, the US Air Force (USAF) has been experimenting with blockchain solutions to control cash flow and improve data management procedures.
It already worked with the blockchain-as-a-service provider SIMBA Chain to create a blockchain-based system for the administration and quality control of the supply chain, among other tasks.
The initiative’s goal is to find technologies that could support the US in maintaining its military superiority, and this investment in Simba Chain shows an ongoing increase in funding for doing just that.
“By using STRATFI, our government partners are strongly expressing their interest in blockchain technology. Due to the DoD supply chain’s interconnection, there is also a chance to work together and boost adoption in the commercial sector”, explained Bryan Ritchie, CEO of SIMBA Chain.
This is not the first time that blockchain has been used to solve issues with cash flow and supply chains. It’s widely accepted that Bitcoin functions as a safety net against inflation. Senator Ted Cruz of the United States has the same belief that cryptocurrencies will transform society.
The Defense Logistics Agency, the USAF, the U.S. Navy, the U.S. Army, and the Office of the Undersecretary of Defense for Research & Engineering will all employ these blockchain-based applications.
The management of assets within Department of Defense supply chains is the main objective of this specific USAF contract. In order to enable departments to follow the flow of funds, SIMBA Chain secured a contract to tokenize the USAF supply chain budget last year.
Prior to winning this honour, SIMBA Chain created a variety of blockchain applications to improve the USAF’s essential operations, including tracking essential parts for the air service branch and tokenizing the service’s budget to optimise the accounting process.
The company will seek to accelerate the development of the SIMBA Blocks platform in order to enable in-transit transparency in support of the USAF’s critical objectives with the help of STRATFI financing.
