The Australian government announced an AUD 5.6 million awards to two blockchain tech platforms that facilitate supply chain solutions on Monday, July 13. The investment was made possible through the country’s Pilot Grants program.

Everledger (QLC) and Convergence. tech are the recipients of this funding (VIC). These two pilots will look into how block chain can be used to improve supply chain solutions. The goal of this initiative is to improve the efficiency and competitiveness of Australia’s Critical Minerals and Food and Beverage industries.

Furthermore, the government of Scott Morrison indicated that the research conducted by these companies will help to reduce regulatory compliance requirements.

It will also help businesses solve real-world problems, accelerating Australia’s adoption of block chain technology. Christian Porter, Australia’s Minister for Industry, Science and Technology, said about the project: “The blockchain Pilot Grants will demonstrate the potential for blockchain to help businesses to save money and cut red tape by improving processes such as tracking products throughout the supply chain and transferring customer information. These two successful projects will also highlight opportunities to improve the technical and regulatory environment for blockchain in Australia, bolster blockchain literacy and support collaboration between Australian governments, the private sector and block chain companies.”