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Australian Government to Grant $6M for Two Main Blockchain Projects

cryptoknowmics.com 26 March 2021 05:45, UTC
Reading time: ~2 m

The Australian government has straightened out applications for two grants of up to $3 million, to fund the blockchain projects.  The grants will be available to blockchain teams targeting supply chain tracking in minerals certification and excise taxation solutions in the food and beverage sector.

The Australian Government Announces Two Main Blockchain Projects

The opened applications that grant up to $3 million each in funding to blockchain projects are open until 29th April 2021. The eligibility condition is such that any sole trader, partnership, publicly-funded research organization, or an entity incorporated in Australia that possesses an Australian Business Number can apply.

The money will be utilized to fund two distinct pilots. The blockchain team targeting the Food and Beverage Provenance pilot supports the team addressing the complexities associated with spirits producers adhering to excise taxation.

The Critical Minerals Pilot will support a project seeking to bolster supply chain integrity for the industry. It also expects contributions to Australia’s National Ethical Certification Scheme to prove the provenance of locally produced minerals exported to international markets. 

The Australian Government Spearheading Blockchain Funding

The announcement reads that the applications must demonstrate their projects meet the need of two pilots, regulators, support the Australian blockchain start-up community and reduce the compliance burdens for businesses. The official statement reads;

“We expect that successful applications will be a collaboration between multiple organizations, including regulators.”

“Your blockchain product will be unique, add value, and not duplicate products already in the market,” the document added.

The government of Australia has been proactive in encouraging the development of its emerging DLT sector since unveiling its five-year National Blockchain Roadmap in early 2020. Back in November 2020, the government had launched a trial using blockchain technology. The trial will assist to share intergovernmental documents between local public servants and their counterparts in Singapore.

This time, the applicants participating in the trial must demonstrate the viability and security of their platforms. They must include whether their blockchain has ever been the subject of a 51% attack. Also, it is mandatory to mention how information submitted to their protocol is vetted and verified.

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