Australian Government is Willing to Fund Blockchain Projects

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The Australian government understands the importance of new technologies. Interestingly, the country’s government opened applications for grants up to $3 million each in funding to blockchain projects, targeting supply chain tracking in the minerals industry as well as tax tracking in the food and beverage sector.

It is worth noting that applications are open until April 29. Interestingly, any sole trader, partnership, publicly-funded organization, or entity has the opportunity to apply. However, they must possess an Australian Business Number.

People should keep in mind that the money will be used to fund two distinct pilots. Importantly, the Food and Beverage Provenance pilot hopes to support a team. That team should address complexities associated with spirits producers complying with excise taxation.

Moreover, the goal of the Critical Minerals Pilot is to support a project that seeks to bolster supply chain integrity for the industry and will also expect contributions to Australia’s National Ethical Certification Scheme. The project should prove the provenance of locally
produced minerals exported to international markets.

Blockchain projects and new opportunities

It is worth noting that applicants must demonstrate their projects meet the demands of the two pilots. Moreover, they have to fulfill the needs of regulators. Moreover, they need to reduce compliance burdens for businesses. The projects have to support Australia’s blockchain start-up community.

This is not the end of the story, as applicants must also demonstrate the viability and security of their platforms.

It is worth noting that the Australian government is willing to encourage the development of its emerging DLT sector. As a reminder, the government unveiled its five-year National Blockchain Roadmap in early 2020.
Interestingly, the Australian government launched a trial using blockchain technology to share intergovernmental documents between local servants and their counterparts in Singapore in November of last year.

As a reminder, the Australian Border Force launched a blockchain trade trial in cooperation with Singapore’s Customs and Information Media Development Authority. The aim of this cooperation is to test digital verification systems.

Hopefully, the Australian government is willing to spend millions of dollars to fund blockchain projects. Moreover, other governments should pay more attention to new technologies. This way, it will be easier to cope with various challenges. Moreover, the governmental, as well as private organizations, should join forces to support new ideas. The pandemic created numerous issues, and it could take a lot of time and effort to solve all of them. Thanks to new technologies, it will be easier to save time and money.

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