Australian Government is embracing the blockchain technology as it decides to leverage the technology by its recent announcement hence giving it full support. On March 25, the Australian Government announced that:
The Blockchain Pilot Grants provide funding for pilot projects to demonstrate the potential for blockchain to reduce regulatory compliance burden for business.
Two areas will be funded namely the Critical Minerals sector and the Food and Beverage sectors, or, two pilots will be funded at up to $3 million each to develop measures that demonstrate the particular areas. However, the application gateway will close on 29 Apr 2021.
A business or publicly funded research organization can apply, along with an entity incorporated in Australia, the particular organization should have an Australian business number (ABN).
As per the announcement, the objectives that drives 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 ; and support the inclusion of blockchain in broader policy work to increase management capability around digital technologies.”
Applications are now open for up to $3 million in funding to demonstrate #Blockchain’s potential to reduce compliance burden for business. Two pilots will demonstrate this potential in 2 key sectors. Learn more: https://t.co/chEp1M5LRV @BlockchainAUS pic.twitter.com/hZ8EYuUD5A — business.gov.au (@business_gov_au) March 28, 2021
The government is expecting the initiative to play as a successful collaboration between multiple organizations, including regulators. Individuals can be included in a consortium, where the government expects the companies to display Australian blockchain start-ups.