Australia to fund blockchain solutions for mineral supply & food sector

Australia to fund blockchain solutions for mineral supply & food sector

The Government of Australia has reportedly announced that it is providing nearly A$3 million or USD 2.3 million each in grants to two pilot projects for designing and developing blockchain-led solutions for the food and beverage and mineral supply chain industry.

Through the ‘Blockchain Pilot Grant’ program, the government is extending funds with an aim to reap the benefits of blockchain that reduced the regulatory compliance burden for entities. It will provide funding to two projects that may either be for a publicly-funded research institution or a business.

According to the announcement by the Government of Australia, it mentioned that the main objective of the blockchain pilot is to reduce the compliance cost for enterprises, designing blockchain technology for the government, promoting blockchain literacy, along with supporting the inclusion of blockchain in a wider policy framework.

Notably, the primary area of focus is crucial minerals. where the applicants are required to develop a supply chain integrity and assist the nation’s mineral business in order to get more products to the international market.

In addition to the above, the next focus area is on F&B provenance, targeting excise tax on the production of spirits. The applicant must address the challenges faced with meeting the excise tax riles throughout the supply and production of spirits.

Seemingly, to be eligible, applicants must add one or more Australia-based blockchain startups in certain aspects of the project. The last date for application is the 29th of April 2021.

As per reliable sources, the funding will be carried out through the Department of Industry, Science, Energy, and Resources. Tim Bradley, a General Manager in the department was quoted stating that the grant program has been designed to offer benefits that the technology may bring along various regulatory cultures.  

Elaborating further on the initiative by the Australian Government, the project is one of the many across the globe that seeks to educate and empower blockchain developers as the technology continues to gain rapid recognition.

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