Australian government’s digital business plan includes a huge fund for blockchain.

The Australian government has announced the biggest investment in blockchain to-date, with two pilots set to receive almost $5 million under the digital business plan.

This week, the Australian government unveiled its $574 million Digital Business Plan that includes seven-figure grants for distributed ledger technology initiatives. Announced by Prime Minister Scott Morrison ahead of next week’s Federal Government budget, the plan outlines $4.95 million in support for “two blockchain pilots directed at reducing business compliance costs.” The prime minister said, “the plan supports Australia’s economic recovery by removing out-dated regulatory barriers, boosting the capability of small businesses, and backs the uptake of technology across the economy.”

 

“$480 million has been designated for various technological initiatives.”

As part of the plan, $480 million has been designated for various technological initiatives that could intersect distributed ledger technologies. $183 million towards a new digital identity system and $301 million for developing a single business register, which would allow businesses to quickly view, update, and maintain their business registry data in one location. National Blockchain Lead Chloe White from the Department of Industry, Science, Energy, and Resources called the direct funding “a huge win for Australian blockchain today,” adding that it “is the biggest investment the Government has made in this sector.”

 

Blockchain adoption increases amid this year amid the ongoing pandemic. 

Blockchain technology adoption has increased this year amid the ongoing global pandemic. As reported earlier, the Ministry of Information Technologies and Communications of Colombia (MinTIC) urged the country to adopt blockchain technology. Lawmakers across countries are exploring the idea of blockchain technology and its use in different sectors. Estonia, China, United Arab Emirates, the US, and Canada are among the countries that have acknowledged the potential of blockchain tech are working to integrate it into different sectors. Later last year, Chinese President Xi Jinping urged the country to take the lead in the blockchain sector. 

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Jai Pratap
Jai Pratap
A Mass Media Graduate who loves to write. Jai is also a sports enthusiast and a big movie buff. He loves to learn new things.

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