The federal government has funded two projects that will explore how blockchain can improve Australian supply chains by helping companies overcome regulatory hurdles.
Queensland technology company Everledger received A$3 million, while Convergence.Tech – which is based in Toronto, Canada, with an Australian office – received just over $2.6 million via the Blockchain Pilot Grants.
The grants aim to kickstart the adoption of blockchain technology to grow Australia’s economy, starting with a focus on simplifying supply chain compliance steps in key industries.
Announcing the grant recipients, 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.
Christian Porter
Supporting Australia’s Critical Minerals and Food and Beverage Sectors
Eligibility for the grant required that projects were targeted towards demonstrating the potential of blockchain in the ‘Critical Minerals’ and ‘Food and Beverage’ sectors.
Everledger’s pilot will look at using blockchain to create ‘digital certificates’ for critical minerals that help the mining industry more easily meet compliance regulations.
Convergence.Tech’s pilot will leverage blockchain technology to automate key reporting processes under Australia’s excise system – a commodity-based tax on goods including beer and spirits – to reduce compliance costs across the food and beverage industry’s supply chain.
The Australian government first flagged the grants in March when it announced funding to explore the feasibility of blockchain technologies to reduce regulatory burdens, in support of its National Blockchain Roadmap.
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