Australian government grants $ 4 million to two blockchain startups
Australia’s Minister for Industry, Science and Technology has announced A $ 5.6 million ($ 4.2 million) funding for two blockchain-focused companies, including traceability company Everledger and technology consultancy startup Convergence.tech.
Everledger, a company focused on building a global diamond registry, has raised A $ 3 million ($ 2.2 million) to investigate use cases of blockchain technology to generate digital certificates, numeric for key minerals during the dismantling and migration phases. As previously reported, the company is implementing blockchain technology from software giant IBM to create a transparent platform for the diamond industry.
Covergence.tech received A $ 2.6 ($ 2 million) for applying blockchain technology to automated reporting processes as part of a commodity-based tax system for goods such as beer and spirits. “This will help companies in this sector reduce compliance costs associated with creating, storing and shipping their products,” the announcement said.
The new investment is offered under Australia’s pilot blockchain funding program, funded by the Morrison government, and aims to examine the ability of blockchain to increase the competitiveness of the major mineral and food and beverage industries in Australia. Minister Christian Porter says the projects will accelerate the adoption of blockchain in Australia and help companies address real-world challenges.
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“Blockchain pilot grants will demonstrate the potential of blockchain to help businesses save money and reduce risk by improving processes like product tracking across the supply chain and shipping. Customer information, ”remarked Porter. The new grants build on Australia’s national blockchain roadmap announced in 2019.