Today blockchain startup SIMBA Chain announced its seventh Small Business Innovation Research (SBIR) contract with the US Air Force (USAF). The latest one involves tokenizing the USAF supply chain budget so it can track the movement of funds between departments and suppliers as well as keeping tabs on key potential supply risks.
Notably, the Digital Blockchain Budgeting Accountability and Tracking (DiBaT) tokenizes the budget rather than the payments. Typically in accounting, the budgeted plans are compared to the actual expenditure. On the USAF supply chain scale, that’s a massive time consuming job. Embedding blockchain into the spending process should significantly speed up the task.
“DOD’s budgeting process can create mismatched incentives for military departments and their field commands, leading to less efficient execution of strategic goals,” said Jeff Curtis, Director of Defense and Supply Chain at SIMBA Chain. “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.”
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