Home Blockchain Government backs blockchain with AU$5.6m in funding towards supply chain solutions

Government backs blockchain with AU$5.6m in funding towards supply chain solutions

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Blockchain technology on blue background

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The federal authorities has given AU$5.6 million in grants to 2 corporations it hopes will ship profitable blockchain-based provide chain options.

The funding was awarded via the “blockchain pilot grants program”, which goals to research the aptitude of blockchain to boost the productiveness and competitiveness of Australia’s important minerals and meals and beverage sectors.

Everledger and Convergence.tech got the funding to indicate how the nascent tech can assist provide chain options and assist to ease regulatory burdens with their respective pilot initiatives. Minister for Business, Science and Know-how Christian Porter hopes the initiatives will assist to speed up Australia’s adoption of blockchain expertise and help companies to resolve real-world issues.

“The blockchain pilot grants will show the potential for blockchain to assist companies to save cash and reduce pink tape by enhancing processes similar to monitoring merchandise all through the availability chain and transferring buyer info,” Porter stated in an announcement.

“These two profitable initiatives can even spotlight alternatives to enhance the technical and regulatory atmosphere for blockchain in Australia, bolster blockchain literacy and assist collaboration between Australian governments, the non-public sector and blockchain corporations.”

See additionally: Home Affairs should look into supply chain technologies like blockchain: Committee

Everledger will stroll away with AU$3 million to research how blockchain expertise can be utilized to create a digital certification for important minerals all through the extraction and motion phases.

Porter hopes this may assist corporations within the sector guarantee adherence to compliance rules and enhance the demand for Australian merchandise in international markets, whereas additionally simplifying the method and reducing prices.

Convergence.tech, in the meantime, will take simply over AU$2.6 million to make use of blockchain to assist automate reporting processes underneath the Excise system, which is a commodity-based tax on items together with beer and spirits.

“This can assist corporations within the sector to cut back compliance prices related to the creation, storage and transportation of their merchandise,” Porter stated.

The grants are funded underneath the federal government’s Digital Business package, which was introduced within the federal Budget 2020-21, and kinds a part of the federal government’s National Blockchain Roadmap, which was introduced in February final yr and includes 12 “signposts”.

Earlier this yr, the Division of Business, Science, Vitality and Sources informed the Senate Choose Committee on Monetary Know-how and Regulatory Know-how it was utilizing the Budget allocated cash for two pilot projects which can be supposed to show to business how blockchain can cut back the price of regulatory compliance.

On the time, the division couldn’t disclose the recipients of the grants.

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