The Australian Government has announced $4.2 million in grants to two firms based on blockchain, Everledger and Convergence.tech. As revealed, the new investment targets to explore the potential of blockchain in order to stretch the competitiveness of the critical minerals of Australia and the food and beverage industries.
Australian Government Invests in Everledger and Convergence.Tech
In accordance with the announcement made, the Minister for Industry, Science and Technology of Australia has granted $4.2 million to two firms.
Talking about the two blockchain companies in which the government has invested, one is a traceability company named Everledger and the other is Convergence.tech, which is a technology consulting group.
Everledger is a firm that is focused on creating a global registry for diamonds and has received 3 million AUD to look into the use cases of blockchain technology for the development of digital certifications for critical minerals through the mining and movement phases.
Convergence.tech on the other hand has acquired $2.6 AUD to apply blockchain technology for automatically reporting processes under a system for tax of goods.
The announcement further says:
“This will help companies in the sector to reduce compliance costs associated with the creation, storage and transportation of their products.”
Christian Porter on the Recent Developments
Minister Christian Porter addressed these projects as the Blockchain Pilot Grants of Australia and said that the new investment aims to look further into the potential of blockchain and mentioned that these projects will speed up the rate of blockchain adoption in Australia.
In addition to this, he laid an emphasis on the benefits and potentials of these projects and said:
“The Blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information.”