Australia Is Spending $700K AUD On Blockchain Study

Blockchain, News | May 9, 2018 By:

The government of Australia has allocated $700,000 AUD ($521,000 USD) for its Digital Transformation Agency (DTA) to explore the use of blockchain technology for “government payments.”

The funds, which are part of the government’s 2018-2019 budget, will be gleaned from existing agency resources and allotted over the course of the next four years. Launched in 2015, DTA helps government departments and agencies undergo digital transformation. It also has central oversight of the government’s ICT agenda.

“The government will provide $0.7 million in 2018-19 for the Digital Transformation Agency to investigate areas where blockchain technology could offer the most value for government services,” the budget document states. “The cost of this measure will be met from within the existing resources of the Digital Transformation Agency.”

The Australian government has always been receptive to blockchain technology. In June 2017, Data61, the innovation arm of the Commonwealth Scientific and Industrial Research Organisation (CSIRO), released twin reports focused on blockchain technology. One focuses on four possible scenarios for blockchain adoption in Australia, while the other centers around the opportunities and risks for the tech in several application areas, including government registries and agricultural supply chains.

In November 2017, Australian energy startup Power Ledger received a $8.25 million AUD ($6.1M USD) grant from the Australian government to create the country’s first green city in Fremantle. The project will trial the use of blockchain-powered distributed energy and water systems and was the second-largest recipient of the grant across all of Australia.