Australian Government Awards $5.6M in Grants to Blockchain Companies

The Australian government has awarded a grant of 5.6 million dollars to blockchain-based companies in the country in a Blockchain Pilot Grant.

The companies which received the grant were Everledger and Convergence.tech and according to the Australian’s Minister for Industry, Science and Technology, Hon. Christian Porter, he “said the projects would help to accelerate the country’s adoption of blockchain technology and assist businesses to solve real-world problems.”

Blockchain technology has been advertised to be the solution to a wide range of problems but globally, projects offering real world uses for the technology are not significantly more though it is established the technology is still at its infant stage.

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Everledger from the $5.6 million received $3million while Convergence.tech got $2.6 million. The grant was part of the Federal Budget for the 2020/2021 session. The Minister speaking on the Blockchain Pilot Grant; He said it ‘will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products through the supply chain and transferring customer information.’

He added that the

“two successful projects will also highlight opportunities to improve the technical and regulatory environment for blockchain in Australia, bolster blockchain literacy and support collaboration between (the) Australian governments, the private sector, and blockchain companies.”

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It was revealed Convergence.tech will utilize the grant fund to help automate commodity-based-tax processes while Everledger will utilize its funds to investigate the use of blockchain in digital certification.