The Morrison Government has invested more than $5.6 million for two new blockchain pilot projects.
The funds are designed to investigate the capability of blockchain to enhance the productivity and competitiveness of Australia’s Critical Minerals and Food and Beverage supply chains.
Blockchain is a digital ledger system that records transactions such as the movement of goods through a supply chain in a way that is extremely difficult to change or “hack” because the information is duplicated across a network of computers.
Christian Porter, Minister for Industry, Science and Technology, says the projects would help to accelerate Australia’s adoption of the technology and assist businesses to solve real-world problems.
“The 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,” he says.
The two recipients of the Blockchain Pilot Grants are Everledger and Convergence.tech.
Convergence.tech has received $2,663,000 to leverage blockchain technology to 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.
Chami Akmeemana, CEO, Convergence.Tech, says he has been part of a small group championing blockchain in Australia since 2017.
“We have an association to fire-up the ecosystem and running hacks to show hands-on what it can do in regulatory environments. We have a great team and we’re excited to begin the discovery process and roll up our sleeves to trial a solution,” he says.
The grants are funded under the Australian Government’s Digital Business package, which was announced in the most recent Federal Budget.
More information on successful projects under the Blockchain Pilot Grants is available here.