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 study the role blockchain technology can 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.
- The projects will focus on the supply chains of critical minerals and food and beverages.
- According to Tim Bradley, general manager of Emerging Technologies and Adoption at the DISER, thus far regulators have concentrated their blockchain efforts on the financial-services industry.
- "This is very much an initiative to demonstrate the use of the technology across the [Australian Public Service] and with regulators," Bradley said.
- Steve Vallas, CEO of trade group Blockchain Australia, last month called for more support from the government and regulators to encourage blockchain innovation.