The Australian government has awarded over AU$5.6 million($4.1 million) as grants for two blockchain-based startup companies to investigate the capability of blockchain to create and support supply chain solutions.
Australia hopes that the Blockchain Pilots Grants program will help improve the productivity and competitiveness of its Minerals and Food and Beverage sectors.
Minister for Industry, Science and Technology Christian Porter believes the projects will help businesses cut costs and enhance supply chain processes.
“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 said.
One of the beneficiaries, Everledger (QLD) received AU$3 million ($2.2 million) and is saddled with the task of researching how blockchain can be used to create a digital certification for critical minerals.
Convergence.tech (VIC) was awarded AU$2.66 ($2 million) to automate the reporting processes under a commodity-based tax leverage called the Excise System.
Porter added: “These two successful projects will also highlight opportunities to improve the technical and regulatory environment for blockchain in Australia, bolster blockchain literacy and support collaboration between Australian governments, the private sector and blockchain companies.
The Blockchain Pilot Grant program falls in line with Australia’s National Blockchain Roadmap and is funded by the Government’s Digital Business package.