Two pilot projects have received a total of just under $5.7 million in federal support to investigate the usefulness of blockchain in new supply chain solutions.
Everledger and convergence.tech were awarded $3 million and $2.663 million respectively in Blockchain Pilot Grants.
The grants/projects were explained as investigating the blockchain digital ledger in the following ways:
- Everledger would investigate creating a ‘digital certification’ for critical minerals throughout the extraction and movement phases. This will help companies in the sector to ensure adherence to compliance regulations and increase the demand for Australian products in global markets, while also simplifying the process and lowering costs; and
- Convergence.tech (VIC) would help automate key reporting processes under the Excise system, a commodity-based tax on goods including beer and spirits. This will help companies in the sector to reduce compliance costs associated with the creation, storage and transportation of their products.
The projects would, industry minister Christian Porter said, “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.
“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.”
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