Australian Government sets aside big budget for blockchain study

The Australian Government has budgeted over $500,000 for research into Blockchain technology.

Australia’s Digital Transformation Agency has been allocated AU $700,000 (USD 521,000) by the Australian Government.

The federal funding is to explore blockchain applications for use in government services.

The funds, earmarked by officials, are to be drawn from existing Agency resources.

As part of the DTA’s 2018 – 2019 budget, the money will be allotted over the course of the next four years.

Since launching in 2015, the Agency helps the Austrailian Government departments “undergo digital transformation.”

Additionally, it also leads the information and communication technology strategy for the Austrailian Government.

The budget document states:

“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.”

This investment isn’t the first time the Australian Government has committed resources to exploring Blockchain technology.

In 2017, Australia’s leading research agency published two research reports on the risks and possible use cases associated with the technology.

For its Digital Economy initiative, the government subsequently mentioned the decentralizing tech in a consultation paper.

Also, late last year, the government revealed programs designed to prove over AU $8 million (USD 5.9 million) in grants to a smart utility project based around Blockchain.