The Australian authority has reportedly made its application portal for grants of a maximum $3M available, dedicated to blockchain initiatives working on supply chain tracking in the minerals sector and tax tracking in the food and beverage industry.
Specifically, the application deadline will reportedly be April 29, where any sole trader, partnership, publicly-funded research organization, or entity incorporated based in the nation and having in their possession an Australian Business Number, can submit their application.
The fund will reportedly be utilized for financially supporting two particular trials. The Food and Beverage Provenance pilot looks to assist a team in dealing with the complexities related to spirits producers, in compliance with excise taxation.
The Critical Minerals Pilot will reportedly be for an initiative looking to reinforce supply chain integrity for the sector, and will further expect contributions to Australia’s National Ethical Certification Scheme, to offer authenticity of origins for locally produced minerals exported to global markets.
“We expect that successful applications will be a collaboration between multiple organizations, including regulators.”
Applying entities reportedly have to be able to showcase their projects satisfying the requirements of the two pilots, regulators, bringing down the hardships – compliance-wise – for companies, as well as assisting Australia’s blockchain start-up community.
“Your blockchain product will be unique, add value, and not duplicate products already in the market”.
Applicants will reportedly also have to present the viability and security of their platforms – including the possibility of blockchain ever victimized by 51% attack – as well as the data their protocol received is vetted and verified.