On Monday, the Australian government announced that it awarded more than A$5.6 million ($4.2m) to two blockchain-based pilot projects.
The grants are part of an initiative to investigate how blockchain technology can help ease regulatory burdens and support supply chain solutions. Provenance blockchain startup Everledger receives A$3 million ($2.25m) for mineral traceability and blockchain consultancy Convergence.tech gets A$2.66 million ($1.99m) for automating reporting of alcohol tax duties.
Everledger will create a digital certificate for critical minerals using blockchain technology to record the extraction and movements of the minerals. The hope is this will lower the cost of complying with regulations. Convergence. tech’s project looks to reduce costs by automating excise tax reporting in the Australian beer and spirits sector. It will use blockchain technology to help automate key reporting processes during the creation, storage, and transportation of alcohol.
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