Australia’s federal government has given AU$5.6 million in grants to two companies it hopes will deliver successful blockchain-based supply chain solutions.<\/p>\n\n\n\n
Funding was provided through the Blockchain Pilot Grants Program, which aims to examine the blockchain’s ability to improve the productivity and competitiveness of Australia’s oil and food sector.<\/p>\n\n\n\n
Everledger and Convergence.tech were given the funding to demonstrate how the emerging technology can support supply chain solutions and help to ease regulatory burdens with their respective pilot projects.<\/p>\n\n\n\n
Industry Science and Technology Minister Christian Porter hopes the projects will speed up Australia’s adoption of blockchain technology and lead businesses to solve real problems.<\/p>\n\n\n\n
Everledger pocketed AU$3 million to study how blockchain technology can be used to create digital certification for critical minerals in the extraction and movement phase.<\/p>\n\n\n\n
Convergence.tech, on the other hand, will take just over AU $2.6 million to use blockchain to help automate reporting processes under the Excise system, which is a commodity-based tax on goods like beer and spirits.<\/p>\n\n\n\n
The grants are funded under the government’s Digital Business package, which was part of the 2020-21 federal budget and is part of the government’s National Blockchain Roadmap, released in February 2020, which consists of 12 “signposts.”<\/p>\n\n\n