The announcement was made by two Australian ministries — the Ministry for Industry, Science and Technology, and The Ministry for Trade, Tourism, and Investment — with the target of helping Australia to become a global leader.
The funding initiative will help the Ministry for Industry, Science, and Technology to support blockchain companies joining the Australian Trade and Investment Commission (Austrade) to attend the landmark Consensus blockchain conference in New York City later this year.
Interestingly, this is not the first time that the Australian government is investing in the development of blockchain technology. The country’s earlier investment in the blockchain industry by prime minister Scott Morrison included AU$700,000 (~$500,000), donated to the Digital Transformation Agency between 2018-19.
Additionally, the country reportedly invested AU$350,000 (~$250,000) to Standard Australia to promote the development of international blockchain standards through the International Organization for Standardization.
It is a combination of these investments that the Australian government hopes will cover the development of blockchain “regulation, skills and capacity building, innovation, foreign investment, and international competitiveness and collaboration.
Speaking in the release, Minister Simon further emphasized that the government’s blockchain approval is sure to achieve one goal, which is to guarantee that “Australia and [its] tech companies stay ahead of the game in one of the world’s fastest growing technology sectors.”
In September 2018, Coinfomania reported that CSIRO (a platform created by the Australian Commonwealth Bank) “digitized three key areas of global trade — operations, documentation and finance by housing the container information, completion of tasks and shipping documents, on a purpose-built blockchain.”