Earlier this year the Australian government announced two grants of up to $3 million for blockchain pilots which could showcase the potential for blockchain to alleviate regulatory compliance burdens for businesses.
These grants were specifically targeted at increasing the efficiency, productivity and competitiveness of Australia's Critical Minerals and Food and Beverages sectors. Today
Hon Christian Porter MP announced the winners collectively receiving over $5.6 million in grant funding.
The winners are:
Everledger (QLD) who has received $3 million in funding to investigate a robust process to digitally certify minerals throughout the process of extraction and mining. By being able to identify certain minerals the pilot intends to assist companies to discern which compliance obligations apply and also increase demand for Australian Products. Everledger currently provides a similar provenance and verification service for several other areas including apparel, art, batteries, diamonds etc.
Convergence.tech (VIC) who has received $2.6 million to harness blockchain technology in order to automate administrative processes connected with the current excise system (a commodity based tax) with a specific focus on the Australian Spirits Sector. This endeavour supplements ConvergenceTech's expertise as a consultancy in a range of areas including identity and credentials and traceability in agriculture, the environment and supply chains.
Minister 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.
These pilots demonstrate a welcome investment from the government into blockchain based initiatives that are not based in financial services which currently dominate the crypto and Australian landscape and should serve as powerful examples of regulatory automation once completed.
Further regulatory insights gained through the pilot programs should supplement the upcoming Senate Select Committee on Australia as a Technology and Financial Centre report which will focus on enhancing the regulatory framework around digital assets.
Congratulations to the winners! We look forward to seeing what you build.