Applications are currently open for two grants from the Australian government, with a total cash prize of $3 million each, for funding of blockchain-based projects that are aimed at supply chain tracking within the minerals sector as well as tracking taxes in the foods and beverages industry.
The grants will be used for funding two key projects: The Food and Beverage Provenance project. This would help in the relevant agencies tasked with the challenges associated with compliance with excise taxes by companies that produce spirits.
The second project the grant would address is the Critical Minerals Project. This would enhance the supply chain integrity of the mineral sector and would contribute to Australia’s National Ethical Certification Scheme to verify the availability of made in Australia minerals to be shipped abroad.
The authorities are optimistic that the successful applicants would be a synergy between various companies and government regulators.
Eligibility for the Grants
Eligibility for the grant is open to traders, partnerships and research organizations that are publicly funded and companies that are incorporated in Australia. Applicants must have an Australian Business Number before they can apply. Application for these grants are currently open and will run till April 29.
Interested applicants would show how their products satisfy the requirements of the two schemes, satisfy the regulators demands, decrease the challenges of compliance for businesses and demonstrate their support for blockchain startup community in Australia. The document stated that the blockchain products of the applicants are expected to be unique and not a copy of an existing product as well as demonstrate added value.
Those interested in the grants must show how their products satisfy the requirements of the two projects, satisfy the stipulations of relevant authorities, decrease the issue of how business comply to the stipulations of the authorities, and show how the product will improve the blockchain community in Australia. They must also show that their platforms are very safe and secure and provide evidence that their blockchain has never been a victim of 51% attacks and how they crosscheck and confirm information on their platform.
Australian government has been active in its support for Digital Ledger Technology (DLT) since 2020 when it launched its five-year National Blockchain Roadmap.
Last year November, the government of Australian carried out a trial where blockchain technology was deployed in sharing inter-governmental documents between workers in the public sector in Australia and those in Singapore.