The largest defense contracting firm in the world has announced plans to leverage blockchain technology in its operations.
Revealed last week, Lockheed Martin is now working with Virginia-based GuardTime Federal to integrate blockchain into its supply chain risk management, a deal that comes two years after the two firms began working on cybersecurity initiatives.
According to Defense News, Lockheed Martin earns more than $40bn in total defense revenue annually for work on everything from ballistic missiles to combat systems.
Lockheed said in a statement:
"With this effort, Lockheed Martin becomes the first US defense contractor to incorporate blockchain technology into its developmental processes, enabling more efficient and assured offerings to the federal government."
Ron Bessire, VP for Lockheed Martin, suggested that the goal would now be to use blockchain technology to enhance data integrity, speed up problem discovery and reduce regression testing.
But while details are scarce overall, it's a notable development given the US government's increasing interest in leveraging blockchains for defense purposes.
The US government's Defense Advanced Research Projects Agency (DARPA) began work on potential applications for the tech last year, and the US Homeland Security Department has awarded multiple grants to companies working on applying it to its various ongoing initiatives.
The new follows an announcement last year that a bitcoin analysis tool was being built at one of Lockheed Martin's facilities.
Lockheed Martin building image via Shutterstock