- Australia has given $4.2 million to two blockchain startups in the country.
- The funds are a grant given by the government to spur competition within certain sectors.
- This initiative is part of the ‘Blockchain Pilot Grants’ program.
The Australian Minister of Industry, Science, and Technology made an announcement saying $4.2 million (US dollars) will be given to two blockchain-focused firms. In detail, the lucky two are — traceability firm Everledger, and the technology consulting startup — Convergence.tech.
Specifically, Everledger is a company that aims to build a global registry for diamonds. The firm got a total of $2.2 million (US Dollars). It will use the funds to explore the use cases of blockchain technology on creating digital certificates for precious minerals.
Moreover, it will also keep track of the minerals throughout the extraction and movement phases. In particular, the firm was already working on deploying blockchain technolog