The Australian government this week released its $ 574 million digital business plan, which includes seven-figure grants for distributed ledger technology initiatives.
Before the federal government budget next week, Prime Minister Scott Morrison announced the plan calls for $ 4.95 million to support “two blockchain pilot projects aimed at reducing trade compliance costs.” Morrison said:
“The plan supports Australia’s economic recovery by removing outdated regulatory barriers, empowering small businesses and supporting technology adoption throughout the economy.”
Michael Basina, partner of Piper Alderman, told Cointelegraph that these two projects are necessary to “demonstrate and reveal the value of the blockchain:”
“With the acceleration of global blockchain adoption, this financing is a very welcome boost to the Australian blockchain industry and our local expertise.”
As part of this plan, $ 480 million has been earmarked for various technology initiatives that could intersect with distributed ledger technologies, including $ 183 million for a new digital identity system and $ 301 million for developing a single business notebook so companies can read and update quickly. And store their commercial record data in one place.
National blockchain leader Chloe White of the Department of Industry, Science, Energy and Resources described direct financing as “a big win for Australian blockchain today” and added that it is “the largest investment the government makes in this sector.”
Over the past eight months, White has worked closely with industry leaders to implement the Australian National Blockchain Roadmap and announced the creation of two working groups on supply chain and educational information White Notes:
“These pilot projects will complement the National Blockchain Roadmap, which governs RegTech workgroups, supply chains, cybersecurity, and empowerment.”
By 2020, the government is showing increased interest in distributed ledger technology (DLT) and blockchain applications. In September, the Special Committee for Financial Technology (FinTech) and Regulatory Technology (RegTech) published an interim report that includes more than 50 links to the blockchain. According to the committee, the potential of the blockchain is estimated to be $ 175 billion annually over five years and $ 3 trillion by 2030.