The Australian Minister for Industry, Science and Technology announced Australian $ 5.6 million ($ 4.2 million) in grants to two blockchain-oriented companies, including traceability company Everledger and technology consultancy startup Convergence.tech.
Everledger, a company focused on building a global diamond registry, has received A $ 3 million ($ 2.2 million) to understand blockchain technology use cases for creating digital certifications for critical minerals during extraction and To investigate movement phase. As previously reported, the company used blockchain technology from software giant IBM for a transparency platform for the diamond industry.
Covergence.tech received A $ 2.6 million ($ 2 million) for applying blockchain technology to automated reporting as part of a system for commodity-based taxes on goods such as beer and liquor. “This will help companies in the industry reduce compliance costs associated with manufacturing, storing and shipping their products,” the announcement said.
The new investment, made available through the Morrison government-funded Australian Blockchain Pilot Grants program, aims to examine the ability of blockchain to increase the competitiveness of Australia’s critical minerals and food and beverage industries. Minister Christian Porter said the projects will accelerate the pace of blockchain adoption in Australia and help companies solve real-world challenges.
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“The blockchain pilot grants will demonstrate the potential of blockchain to help businesses save money and reduce red tape by improving processes like tracking products across the supply chain and transmitting customer information,” noted Porter. The new grants build on Australia’s national blockchain roadmap announced in 2019.