In exciting news, the Australian government has released two grants of up to three million dollars to "develop measures that demonstrate the potential for blockchain to reduce regulatory compliance burden for business."
These grants will be used to fund two pilot projects that will take a particular focus on the Critical Minerals sector and the Food and Beverage sector.
According to the government's announcement, the overall objectives of the Blockchain Pilot grants are to:
"Reduce compliance costs for businesses
Ensure buy-in from regulators
Bolster blockchain literacy and contribute to the overarching objectives of the national roadmap
Develop blockchain solutions for government and showcase to industry the viability of the regulatory efficiencies of blockchain
Support the inclusion of blockchain in broader policy work to increase management capability around digital technologies."
The first Pilot 1 will be conducted in the Critical Minerals sector, and aims to:
build supply chain integrity and contribute to the Critical Minerals National Ethical Certification Scheme and help our critical minerals businesses get more of their products to international markets.
The second Pilot 2 will focus on the Food and Beverage sector and has a specific goal of addressing "the challenges faced by businesses complying with excise tax regulations throughout spirit production and supply".
The Australian government's initiative demonstrates their growing support for the use of blockchain technology in the Australian economy, and its recognition of the promising role the technology can play to reduce compliance burdens.
Applications close 29 April 2021, click here to find out more.