New investment intends to explore blockchain’s ability to expand the competitiveness of Australia’s minerals and food and beverage industries.
Australia’s Minister for Industry, Science and Technology Christian Porter announced 5.6 million Australian dollars in grants will be awarded to two blockchain-focused companies, including technology consulting startup Convergence.tech and traceability firm Everledger and.
Everledger, a company focused on building a global registry for diamonds, has received AUD 3 million to investigate blockchain technology’s use cases for creating digital certifications for critical minerals through the extraction and movement phases. Covergence tech received AUD 2.6 million AUD to apply blockchain technology for automatic reporting processes under a system for commodity-based tax on goods such as beer and spirits.
“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,”
Minister Christian Porter said that the projects will accelerate the pace of blockchain adoption in Australia as well as assist businesses in solving real-world challenges.
