Simba Chain, a blockchain solutions company, announced today that it has been selected by the U.S. Air Force Strategic Technology Focus Initiative for $30 million in funding. This funding will be used to support multiple projects the company has worked on in the past for the military.
This initiative aims to identify technologies that can help the United States maintain its military supremacy. The investment in Simba Chain represents an increase in the budget for blockchain technology.
The USAF plans to make use of Simba Chain’s technology in order to concentrate on the deployment of blockchain applications for supply-chain management.
Stacy Betlej Amodeo, vice president of government operations for Simba Chain, stated that “our upcoming project for USAF will pave a way to more efficient management of assets within Department of Defense supply chains.” She said that Simba would “build on our existing partnership with DoD to scale Blockchain technology across the enterprise.”
Because blockchain technology provides an immutable historical record of transactions, it is frequently used in supply chain management. It can be used to track parts, elements and items throughout a supply chain’s lifecycle in an auditable manner that reduces errors.
Every time a part, component, or other item is received, accessed or dropped off, the change is added to the distributed ledger’s cryptographically secured distributed ledger. Blockchain technology is able to provide a secure data platform that can protect the data while only revealing the relevant data necessary to track the part’s journey.
Simba Chain collaborated with the USAF on previous projects to create tokenization to improve accounting. In 2018, the company created an experimental pilot for a blockchain-based supply chain tracking system for the Naval Air Systems Command. This is the provider of material support for U.S Navy aircraft.
Multiple branches of the U.S. military use the company’s technology, including the U.S. Air Force and Navy, Marines and Marines. The technology can also be used by Boeing Co., an aviation manufacturing company, and many other companies for commercial applications.
Bryan Ritchie, chief executive of Simba Chain, stated that STRATFI’s government partners have sent a strong demand signal for blockchain technology. “Given the DoD’s interconnected supply chain, this signals a potential opportunity to collaborate with the commercial sector and increase adoption.”
Simba Chain raised $25m in Series A financing in 2021. This was used to develop its blockchain platform and add enhanced features like support for non-fungible tokens for anti-counterfeiting.
Blockchain technology has been used in many industries to track supply chain information. These include automotive where BMW formed a partnership with PartChain and mining with Open Mineral as well as tracking diamonds where De Beers modified the technology and food supply chain with IBM’s Food Trust Network.
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