Australian government announces AU$100,000 funding for development of blockchain

The innovation called the blockchain continues to make its way into the mainstream psyche. While there still hangs a question mark about the viability and use of this technological innovation, governments across the globe are trying to assess the plethora of opportunities that it promises. In one such move, the federal government on Monday announced a funding injection to boost Australia’s blockchain industry, according to a report by ZDNet.

With an injection of AU$100,000, the federal government wants to get some clarity about the development of blockchain in the country and its future roadmap. According to the Minister for Industry, Science and Technology Karen Andrews, the government will focus on a number of areas which include skills and capacity building, innovation, investment, and international collaboration.

“The national strategy puts us on the front foot in exploring how government and industry can enhance the long-term development of blockchain and its uses,” she said.

This is not the first time that the government has come forward to show its commitment towards fostering the growth of blockchain in the country. In last year’s budget, the government set aside AU$700,000 in funding for the Digital Transformation Agency (DTA) to “investigate areas where blockchain technology could offer the most value for government services”.

The latest announcement comes close on the heels of IBM’s announcement that South Australian meat processor Thomas Food International (TFI) and Drakes Supermarket trialed blockchain to trace the lifecycle of the food product.

Launched under the wings of IBM Food Trust, the companies used the technology to trace the origin of a piece of flesh to one of the four animal farms.

The IBM Food Trust was launched in the month of October last year and it allows the entities to have a shared view of the food ecosystem data and it also allows for greater transparency, traceability, and greater efficiency.

Source: ZDNet 

Australian government announces AU$100,000 funding for development of blockchain
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