The Australian government is offering A$3 million (US$ 2.3 million) in grants to two pilots that would start creating blockchain-based solutions that target the mineral supply chain and food and beverage sectors.
Via the Blockchain Pilot Grants program, the government wants to offer the funding in a bid that would show the potential for blockchain to reduce the regulatory compliance burden for businesses. The funding will be available for two projects, which can be either a business or a publicly funded research organization.
As part of the announcement, the government declared that the main target of the blockchain pilots would be to reduce compliance costs for businesses, promote blockchain literacy, create blockchain solutions for the government, and support the inclusion of blockchain in broader policy work.
The primary area of focus will be represented by critical minerals, which will require applicants to build supply chain integrity and help the business of critical minerals of Australia to send more of their products overseas. The second area of focus is represented by the food and beverage provenance by targeting excise tax on spirit production.
In order for an entity to be eligible, applicants have to include at least one Australian blockchain startup in a certain part of the project, and the application period will end on April 29th.