Besides negative crypto news from China, there are also positive reports from other countries. Australia, for example, is not averse to cryptocurrencies and the blockchain under the government of Prime Minister Scott Morrison. Two Australian companies can now enjoy subsidies for their blockchain projects. Everledger and Convergence.tech will receive a total of around $4.2 million USD.
Crypto news: ‘Blockchain pilot grants’ to explore usefulness of blockchain
Many Australians prefer cryptocurrencies as an investment over stocks and real estate. However, the government also finds blockchain technology very interesting. For this, they have launched the “Blockchain Pilot Grants” project. The goal is to find out to what extent blockchain can strengthen the competitiveness of Australia’s minerals, food and beverage industries. Two companies now benefiting from the grants meet those conditions.
Everledger receives $2.2 million
Everledger is working to build a global registry for diamonds. Blockchain technology will be used to make certifications more efficient and tamper-proof during the mining and transportation phases. Especially when it comes to certifications and documents that require signatures, blockchain could provide great relief in the coming years. The sum of 2.2 million USD can greatly help in the exploration now.
USD 2 million for Convergence.tech
Convergence.tech, on the other hand, is using Blockchain technology for automated reporting processes as part of a system for commodity-based taxes on goods like beer and spirits. This could bring a significant cost benefit. The grants cost the state $2 million.
Especially at a time when restrictions in various countries are coming to the fore, government subsidies send very positive signals. Subsidies are commonplace in the energy sector, for example – the attitude of governments to innovation is usually consistently positive.
Minister Christian Porter commented on the Blockchain Pilot Grants project w
“The Blockchain Pilot Grants will demonstrate blockchain’s potential to help businesses save money and cut red tape by improving processes like tracking products throughout the supply chain and transferring customer data.”
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