Blockchain technology is one of the most demanded technology by different economies as the world has grown to love and welcome its products. Being one of the tech’s most known projects, Bitcoin has been a success, which has led to widespread adoption of digital assets. This new grant is mainly for blockchain teams interested in mineral certification and excise tax solutions.
The authorities have approved two $3 million grants, making up the $6 million for that purpose. Blockchain tech is being used for many parts of an economy, especially in terms of taxation, with many countries streamlining taxation processes while reducing tax evasion incidences.
Australia to fund two blockchain projects
The country announced this new development and has approved various teams’ applications to win the attractive grant. The fund would be used to fund some blockchain projects within the minerals industry and tax tracking. Tax evasion is one of the biggest problems countries face, and with new technology, some countries have been able to track and find those defaulting in their payments.
The deadline for submission is by April 29, and there are different people allowed to apply for the grant. Sole traders, partnerships, and even entities within the Australian ecosystem with the business number can be part of the applicants.
The government explained that the grant is for the funding of two separate projects. The first would likely be in the Food and Beverage industry. The authorities within the framework want to give blockchain teams interested in the grant to solve some issues regarding spirits producers complying with the industry’s laws on taxation.
Apart from the food and beverages $3 million grant, the Minerals pilot grant would be to fund projects to help optimize the supply chain and help the industry prove the provenance of minerals produced in the country, exported to other nations. The authorities explained that it would be a collaboration between different organizations alongside the regulators.
Some criteria for teams to meet for grant consideration
Those applying have to meet some criteria for their project to be considered for funding. The project has to meet the need laid down by regulators, reduce compliance problems, find solutions for the problems in that industry, and support the local start-up community.
The document explaining the criteria for winning the grant reads that the applicants have to create something unique that adds value to the industry and not create things already available in the market presently.
According to the document, another area is the viability and security of the platforms that the applicants would be showing must be top-notch. They have to show how problems are solved for the platform and if the blockchain has faced some past attacks. Australia is one of the world’s most blockchain-friendly countries. It has used blockchain for many of its projects to help facilitate and solve some problems, which it could be facing due to numerous reasons.
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