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The government of Australia has allocated AU$6.9 million (US$5.3 million) to the Department of Industry, Science, Energy and Resources (DISER) to investigate the role blockchain technology could play in regulation.
- The money will be spent on two pilot projects intended to show how cost reductions in regulatory compliance are possible with the use of blockchain, ZDNet has reported.
- These projects will be around the supply chains of critical minerals and food and beverages.
- According to Tim Bradley, general manager of Emerging Technologies and Adoption at the DISER, use cases for blockchain being adopted by the government have thus far been concentrated in financial services.
- "This is very much an initiative to demonstrate the use of the technology across the [Australian Public Service] and with regulators," Bailey says.
- Steve Vallas, CEO of Blockchain Australia, last month called for more support from government and regulators to encouraging blockchain innovation.
See also: Mystery Over Why Blockchain Australia Revoked Membership of Crypto Project Qoin
