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Australia Funds Two Blockchain Startups With $4.2M

Australian-Blockchain-Startups
  • Australia has given $4.2 million to two blockchain startups in the country.
  • The funds are a grant given by the government to spur competition within certain sectors.
  • This initiative is part of the ‘Blockchain Pilot Grants’ program.

The Australian Minister of Industry, Science, and Technology made an announcement saying $4.2 million (US dollars) will be given to two blockchain-focused firms. In detail, the lucky two are — traceability firm Everledger, and the technology consulting startup — Convergence.tech.

Specifically, Everledger is a company that aims to build a global registry for diamonds. The firm got a total of $2.2 million (US Dollars). It will use the funds to explore the use cases of blockchain technology on creating digital certificates for precious minerals.

Moreover, it will also keep track of the minerals throughout the extraction and movement phases. In particular, the firm was already working on deploying blockchain technology with software titan IBM to bring transparency within the diamond industry.

On the other hand, Convergence.tech got $2 million (US dollars) to apply blockchain technology in automating the reporting process. This process will prevail under a system of commodity-based tax for items like beer and spirits. It will help brands in the industry save on compliance costs. Especially, when it comes to creating, storing, and transporting its products.

This initiative to boost blockchain capabilities within the nation came from Morrison’s Government. Moreover, it is part of the country’s ‘Blockchain Pilot Grants’ program. The goal of this initiative is to increase competition between Australia’s food, beverage, and precious minerals industries.

Finally, Minister Christian Porter adds that these projects will all contribute to accelerating the fast adoption of blockchain technology within Australia. In turn, he believes that this move will ultimately allow businesses to solve real-world challenges.

Specifically, he says businesses can save money and ‘cut red tape’ with improved processes. In this aspect, he highlights mainly for tracking items along the items’ entire supply chain journey and also for transferring buyer information.

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