The federal government has announced $5.6 million funding through the Blockchain Pilot Grants program to support projects in the minerals and food and beverages sectors.
Minister for Industry, Science and Technology Christian Porter said, “The Blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information.
“These two successful projects will also highlight opportunities to improve the technical and regulatory environment for blockchain in Australia, bolster blockchain literacy, and support collaboration between Australian governments, the private sector and blockchain companies.
“The Blockchain Pilot Grants builds on the National Blockchain Roadmap, which ensures Australia is well-positioned to take advantage of the opportunities this technology can enable.”
The two recipients of the grants are:
- Everledger (Qld) has received $3,000,000 to investigate how blockchain technology can be used to create a ‘digital certification’ for critical minerals throughout the extraction and movement phases. This will help companies in the sector to ensure adherence to compliance regulations and increase the demand for Australian products in global markets, while also simplifying the process and lowering costs.
Convergence.tech (Vic) has received $2,663,000 to leverage blockchain technology to help automate key reporting processes under the Excise system, a commodity-based tax on goods including beer and spirits. This will help companies in the sector to reduce compliance costs associated with the creation, storage and transportation of their products.