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$574 million digital business plan revealed by the Australian government is set to include DLT initiatives

$574 million digital business plan revealed by the Australian government is set to include DLT initiatives

Quick take

2 minute read

  • A digital business plan has been revealed by the Australian government this week which would include high figure grants for distributed ledger technology initiatives. 
  • The $574 million plan was announced by the Prime Minister this week which highlights $4.95 million will be in support for “two blockchain pilots directed at reducing business compliance costs“. 

A digital business plan has been revealed by the Australian government this week which would include high figure grants for distributed ledger technology initiatives. 

The $574 million plan was announced by Prime Minister, Scott Morrison this week which highlights $4.95 million will be in support for “two blockchain pilots directed at reducing business compliance costs“. The Prime Minister further went on to say:

“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.”

Part of this plan includes $480 million which has been dedicated for numerous technological initiatives which would somewhat involve distributed ledger technology. $301 million has been put towards the development of a single business register with $183 million being allocated to a new digital identity system. 

Thanks to this, businesses will be allowed to quickly view and update the business registry data from one location. The two projects are very important in their own right and represent the true value of blockchain technology. 

Speaking in an interview with Cointelegraph, Michael Bacina of Piper Alderman said the following:

“With blockchain adoption accelerating around the world, this funding is a very welcome boost to the Australian blockchain industry and our local expertise.”

It will be interesting to see how this plays. For more news on this and other crypto updates, keep it with CryptoDaily!

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