Australian government awards $4M in grants to two blockchain startups

Australia’s Minister for Trade, Science and Know-how introduced 5.6 million Australian {dollars} ($4.2 million) in grants to 2 blockchain-focused corporations together with traceability agency Everledger and know-how consulting startup

Everledger, an organization centered on constructing a worldwide registry for diamonds, has obtained 3 million AUD ($2.2 million) to research blockchain know-how’s use instances for creating digital certifications for important minerals by means of the extraction and motion phases. As beforehand reported, the agency was deploying blockchain tech by software program big IBM for a transparency platform for the diamond trade. obtained $2.6 AUD ($2 million) to use blockchain know-how for computerized reporting processes beneath a system for commodity-based tax on items like beer and spirits. “This may assist corporations within the sector to cut back compliance prices related to the creation, storage and transportation of their merchandise,” the announcement reads.

Offered as a part of Australia’s “Blockchain Pilot Grants” program funded by the Morrison Authorities, the brand new funding goals to discover blockchain’s functionality to increase the competitiveness of Australia’s important minerals and meals and beverage industries. Minister Christian Porter stated that the tasks will speed up the tempo of blockchain adoption in Australia in addition to help companies in fixing real-world challenges.

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“The Blockchain Pilot Grants will show the potential for blockchain to assist companies to economize and reduce purple tape by enhancing processes resembling monitoring merchandise all through the availability chain and transferring buyer data,” Porter famous. The brand new grants construct on Australia’s nationwide blockchain roadmap introduced in 2019.