The Australian government has given two grants of up to $3 million to blockchain teams focused on mineral certification and excise taxation solutions.
The Australian government has opened applications for grants of up to $3 million to blockchain ventures focusing on supply chain monitoring in the mining industry and tax tracking in the food and beverage industry.
Applications are available until April 29 and are open to any sole trader, partnership, publicly-funded research organisation, or agency incorporated in Australia with an Australian Business Number.
The funds would be used to finance two separate pilot projects. The Food and Beverage Provenance pilot programme aims to help a team overcome the complexities involved with spirits manufacturers complying with excise taxes.
The Critical Minerals Pilot will fund a programme to improve business supply chain transparency, as well as contributions to Australia’s National Ethical Certification Scheme to demonstrate the provenance of domestically extracted minerals shipped to foreign markets. According to the announcement:
“We expect that successful applications will be a collaboration between multiple organizations, including regulators.”
Applicants must show that their initiatives can satisfy the needs of the two pilots, regulators, reduce regulatory costs for companies, and help Australia’s blockchain start-up culture.
“Your blockchain product will be unique, add value, and not duplicate products already in the market,” the document added.
Applicants must therefore show the feasibility and reliability of their platforms, such as if their blockchain has ever been subjected to a 51 percent assault and how knowledge sent to their protocol is vetted and checked.
After releasing its five-year National Blockchain Roadmap in early 2020, the Australian government has been constructive in promoting growth of its emerging DLT market.
The government initiated a blockchain trial in November to exchange intergovernmental documents between local public servants and their counterparts in Singapore.
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