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Australian authorities awards $4M in grants to 2 blockchain startups

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Australia’s Minister for Business, Science and Know-how introduced 5.6 million Australian {dollars} ($4.2 million) in grants to 2 blockchain-focused firms together with traceability agency Everledger and expertise consulting startup Convergence.tech.

Everledger, an organization centered on constructing a worldwide registry for diamonds, has obtained 3 million AUD ($2.2 million) to research blockchain expertise’s use circumstances for creating digital certifications for important minerals via the extraction and motion phases. As beforehand reported, the agency was deploying blockchain tech by software program big IBM for a transparency platform for the diamond business.

Covergence.tech obtained $2.6 AUD ($2 million) to use blockchain expertise for automated reporting processes beneath a system for commodity-based tax on items like beer and spirits. “It will assist firms within the sector to scale back compliance prices related to the creation, storage and transportation of their merchandise,” the announcement reads.

Offered as a part of Australia’s “Blockchain Pilot Grants” program funded by the Morrison Authorities, the brand new funding goals to discover blockchain’s functionality to develop the competitiveness of Australia’s important minerals and meals and beverage industries. Minister Christian Porter mentioned that the tasks will speed up the tempo of blockchain adoption in Australia in addition to help companies in fixing real-world challenges.

Associated: Aussie state authorities blockchain platform could forestall a tower block inferno

“The Blockchain Pilot Grants will display the potential for blockchain to assist companies to economize and reduce pink tape by bettering processes similar to monitoring merchandise all through the provision chain and transferring buyer info,” Porter famous. The brand new grants construct on Australia’s nationwide blockchain roadmap introduced in 2019.