The Blockchain Pilot Grants Program will supply $5.6 million from the federal government, to support supply chain solutions and ease regulatory burdens for two successful projects.
The program will investigate the capability of blockchain to enhance the productivity and competitiveness of Australia’s Critical Minerals and Food and Beverage sectors.
Blockchain is a digital ledger system that records transactions such as the movement of goods through a supply chain, in a way that is extremely difficult to change or “hack” because the information is duplicated across a network of computers.
The project will help Australia to adopt blockchain technology and assist businesses in solving real-world problems, according to minister for Industry, Science and Technology Christian Porter.
“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,” Porter said.
“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 Grants builds on the National Blockchain Roadmap which ensures Australia is well-positioned to take advantage of the opportunities this technology can enable,” he said.
The two recipients of the Blockchain Pilot Grants Program include:
- Everledger (QLD) will use its $3 million to investigate how blockchain technology can be used to create a “digital certification” for critical minerals in the extraction and movement phases. This will help companies adhere to compliance regulations and increase demand for Australian products in global markets, while simplifying the process and lowering costs.
- Convergence.tech (VIC) will use its $2,663,000 to leverage blockchain technology, helping to automate key reporting processes under the Excise system, a commodity-based tax on goods like beer and spirits. This will help companies reduce compliance costs associated with the creation, storage and transportation of their products.
These grants are funded under the federal government’s Digital Business package, announced in the Federal Budget 2020-21. They directly align with the government’s National Blockchain Roadmap, released in February 2020.
The National Blockchain Roadmap: Progressing towards a blockchain-empowered future is available at industry.gov.au/blockchain.
More information on successful projects under the Blockchain Pilot Grants is available here.