The Australian government is funding two blockchain-based pilot projects with millions of dollars. Subsequently, to examine the technology’s potential in supply chain solutions: Everledger, a blockchain provenance firm, and Convergence. Tech, a digital consultancy, together received AU$5.6 million in funding.
According to a news statement issued by PM Morrison’s administration on Monday, the firms’ study would alleviate regulatory compliance costs.
The government hopes that the firms will enhance the efficiency and competitiveness of Australia’s Critical Minerals, Food and Beverage industries. In other words, all through its Blockchain Pilot Grants programme.
Everledger bagged a heft sum of AU$3 million (US$2.24 million). Most importantly, to study blockchain application in digital certification for essential minerals during the extraction and transportation phases.
Consequently, Morisson’s government is hopeful that Everledger’s pursuit would help mining firms comply with laws. In addition to also raising the worldwide market for Australian products.
Convergence. Tech bagged a hefty amount of AU$2.66 million (US$2 million). Therefore can assist in automating reporting processes under Excise, a commodity-based tax on products and services that includes alcohol.
According to the press release, Convergence’s goal is to give firms in the industry a way to decrease compliance expenses connected with the development, storage, and transit of their products.
View of the Government
According to Minister of Industry, Science, and Technology Christian Porter, this will demonstrate how blockchain can help firms save costs. In addition to putting red tape across the supply chain process.
National Blockchain Roadmap
Most importantly, the funds are timed to coincide with the country’s National Blockchain Roadmap publication. This is a 52-page document covering regulation and standards, skills, competence, innovation, and foreign investment and partnership.