Australian Government Awards Grants to Promising Blockchain Firms
Two companies with a primary focus on blockchain-based projects have been granted funding worth 5.6 million Australian dollars by the Ministry for Industry, Science, and Technology of Australia.
The investment is said to be part of an effort by the Australian government to probe into the possibility of blockchain technology being utilized for the improvement of the country’s critical minerals, food, and beverage sectors. $2.2 and $2 million USD were given to Everledger and Convergence.tech respectively through Australia’s “blockchain pilot grants” program.
A statement from Christian Porter, Australia’s Minister for Industry, Science, and Technology reads,
“The blockchain 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.”
Convergence & Everledger Individual Roles
This will be one of many blockchain-based projects Canadian consultancy company Convergence.tech has worked on. Convergence’s latest project will employ blockchain technology in decreasing expenses required for automatic reporting processes in the Australian beer and spirits sector.
Previous projects taken on by Convergence include a collaboration with the United Nations Development Programme (UNDP) to provide a blockchain solution to improve Mongolian cashmere traceability.
Everledger is a London-based independent digital traceability firm that provides transparency across global supply chains by implementing blockchain technology and AI in intelligent labeling.
Everledger’s newly obtained funding is intended to be used in working on mineral traceability, with its unique blockchain tech capable of creating reports on extracted minerals and their phased transitions after mining processes.
Governments’ Fondness For Blockchain Tech
While cryptocurrencies have received mixed reaction from governments and central banks across the world, blockchain technology has been appropriated more warmth and receptiveness, even from the earlier controversial days that shadowed Bitcoin.
In recent times, especially in 2021, there has been a notable shift in many nations’ openness to other cryptocurrencies, yet blockchain tech continues to lead the way in institutional acceptance.
Only earlier in the year, Cardano made major strides when it struck a partnership deal with the Ethopian Government in creating a blockchain system capable of monitoring student performances across the country.
Australia’s support of Convergence and Everledger is the latest in this intentional drive for a more digital future. Australia’s supportive move is no coincidence either, and is in line with its National Blockchain Roadmap which was released in February 2020.
The Australian government will continue to work hand in hand with blockchain providers, according to Minister Porter, and will aim to “bolster blockchain literacy, and support collaboration between Australian governments, the private sector, and blockchain companies” in the future.