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SIMBA Chain gets $30m from US Air Force for blockchain initiative

SIMBA Chain gets $30m from US Air Force for blockchain initiative
Blockchain solutions firm SIMBA Chain has been chosen by the United States Air Force (USAF) for a $30 million (£25m) technology initiative.

The Strategic Technology Focus Initiative (STRATFI) is focused on exploring and innovating technologies that can improve the capacities of the US Air Force.

SIMBA Chain says the investment will be used to develop blockchain applications for supply chain management and programmes that will be used across a range of government organisations, including the Office of the Undersecretary of Defense for Research & Engineering, the USAF, the US Navy, the US Army, and the Defense Logistics Agency.

The company has a history of working with the Department of Defense, having worked on numerous blockchain applications in the past aimed at developing USAF technologies. These have included a budget tokenisation system for better accounting as well as tracking essential components for the air service.

STRATFI funding will allow SIMBA Chain to accelerate development on its blockchain platform, SIMBA Blocks, to support the USAF’s goals.

Bryan Ritchie, CEO of SIMBA Chain, believes that STRATFI highlights the demand for blockchain technology and sees its potential to increase adoption in commercial industries.

“Given the interconnectedness of the Department of Defense supply chain, it also signals an opportunity to collaborate and increase adoption within the commercial industry,” he said.

In June 2022, the US Air Force called on SIMBA Chain to develop a budgeting and accounts system that tracked the organisation’s cash flow and supply chain management.

The project aimed to tokenise the US dollar within the Air Force’s supply chain budget to simplify tracking across different teams and suppliers.

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The post SIMBA Chain gets $30m from US Air Force for blockchain initiative appeared first on The Block . shares this Contents always with License.

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