Scott Morrison, the Prime Minister of Australia, has revealed that the Federal Government is making its biggest investment in blockchain technology yet. Two pilot programs are set to receive $5 million in total.
$4.95 Million Allocated To Two DLT Pilots
The Government of Australia had revealed its Digital Business Plan this week, showing that $574 million had been sectioned off for it. These include seven-figure grants for initiatives of distributed ledger technology (DLT).
Morrison announced this plan ahead of the Federal Government Budget, which is set to be revealed next week. Within this plan, $4.95 million had been set aside in order to support two blockchain pilots. Morrison stated that these pilots aim at the reduction of business compliance costs.
Pushing For A Globally-Sought Technology
Morrison explained that the plan supports the recovery of the Australian economy, doing so by the removal of regulatory barriers that are outdated. Alongside this, Morrison highlighted how the plan supports technological development within the economy, as well as boosting the overall capability of small businesses.
Michal Bacina stands as a partner at Piper Alderman, and highlights the importance of these two projects. According to Bacina, these projects could demonstrate, subsequently unlocking, the value blockchain technology has to offer the country. Bacina highlighted the accelerated rate of blockchain adoption across the world, explaining that this plan stands as a welcome boost to Australia’s local expertise and blockchain industry overall.
The Many Plans In Place
The plan entails $480 million being designated for an array of technological initiatives. These initiatives, in turn, could intersect with DLT. This includes a new digital identity system, designated with $183 million, as well as a single business register, designated with $301 million. The register, in particular, aims to allow businesses to quickly update, maintain, and view their business registry data, doing it all from one centralized location.
Chloe White Stands as the Department of Industry, Science, Energy, and Resources’ National Blockchain Lead, and shared a few words about the matter. White described this direct funding as a massive win for the Australian blockchain space, citing how it’s the biggest investment Australia’s government had made within the sector at large.
Furthermore, White took note that these pilots stand to complement the National Blockchain Roadmap, which is itself driven by working groups. These groups focus on supply chains, RegTech, credentialing, and cybersecurity.
The Australian government has shown a growing interest regarding DLT throughout 2020’s entirety, as well as blockchain and its many applications. Back in September, the Select Committee on Financial Technology (FinTech) and Regulatory Technology (RegTech) had published an interim report. This report held more than 50 blockchain citations.