The new investment aims to explore blockchain’s capability to expand the competitiveness of Australia’s critical minerals and food and beverage industries.
Australia’s Minister for Industry, Science and Technology announced 5.6 million Australian dollars ($4.2 million) in grants to two blockchain-focused companies including traceability firm Everledger and technology consulting startup Convergence.tech.
Everledger, a company focused on building a global registry for diamonds, has received 3 million AUD ($2.2 million) to investigate blockchain technology’s use cases for creating digital certifications for critical minerals through the extraction and movement phases. As previously reported, the firm was deploying blockchain tech by software giant IBM for a transparency platform for the diamond industry.
Covergence.tech received $2.6 AUD ($2 million) to apply blockchain technology for automatic reporting processes under a system for commodity-based tax on goods like beer and spirits. “This will help companies in the sector to reduce compliance costs associated with the creation, storage and transportation of their products,” the announcement reads.