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Home Business & Finance US Navy awards $1.5M jet fighter contract to blockchain project

US Navy awards $1.5M jet fighter contract to blockchain project

Document Analysis NLP IA

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objective
redaction

Subjectivity0.36688311688312
it's an affirmation
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Summary (IA Generated)

SIMBA Chain, a cloud-based smart contract platform, has been tasked with revamping the supply chain of the United States military after it received a $1.

The project will be responsible for developing a blockchain-based solution to enable demand sensing for critical military weaponry parts.

Project lead for NESTT, Steve McKee, said the Navy’s Small Business Innovation Research (SBIR) program was allocated $30 million in 2020 to develop technological innovations that improve military readiness:.

“In 2020, the Department of the Navy’s SBIR Program allocated over $30 million to help advance innovations to improve readiness.

This blockchain project with SIMBA Chain exemplifies the role of technology in revitalizing not just our military facilities, but our systems as well.

SIMBA Chain CEO Joel Neidig said blockchain was up to the task of forming the backbone of an effective military supply chain, thanks to the irreversibility of transactions, its tamper-proof nature and its ability to be accurately audited.

Blockchain is well suited to solve complex supply chain pain points as it enables a decentralized mechanism for the recording of non-repudiable transactions, making data both immutable and auditable, and lastly, tamper proof once written,” said Neidig.

SIMBA Chain was developed by Indiana Technology and Manufacturing Companies and the University of Notre Dame in 2017, as a result of a research grant awarded by the Defense Advanced Research Projects Agency (DARPA).


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