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Australian government grants $6 million to innovative blockchain teams. - Coinnounce

coinnounce.com 26 March 2021 05:04, UTC
Reading time: ~2 m

The Australian government has opened applications for grants up to $3 million each in funding to innovative blockchain projects targeting supply chain tracking in the minerals industry and tax tracking in the food and beverage sector. Applications are open until April 29, with any sole trader, partnership, publicly-funded research organization, or an entity incorporated in Australia that possesses an Australian Business Number eligible to apply.

The money will be used to fund two distinct pilots. 

The Australian government is planning to fund two distinct pilots. The Food and Beverage Provenance pilot hopes to support a team addressing the complexities associated with spirits producers complying with excise taxation. The Critical Minerals Pilot will support a project seeking to bolster supply chain integrity for the industry and expect contributions to Australia’s National Ethical Certification Scheme to prove the provenance of locally produced minerals exported to international markets. “We expect that successful applications will be a collaboration between multiple organizations, including regulators,” the announcement noted. 

The funded firms will help Australia’s blockchain start-up community.

According to the announcement, applicants must demonstrate their projects meet the two pilots, meet the needs of regulators, reduce compliance burdens for businesses, and support Australia’s blockchain start-up community. “Your blockchain product will be unique, add value, and not duplicate products already in the market,” the document added. Applicants must also demonstrate their platforms’ viability and security — including whether their blockchain has ever been the subject of a 51% attack — and how information submitted to their protocol is vetted and verified. As reported earlier, the Australian government has been proactive in encouraging the development of its emerging blockchain sector since unveiling its five-year National Blockchain Roadmap in early 2020. Several other countries have acknowledged the potential of blockchain tech in recent times and have encouraged the sector. 

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