Australia's Government Budgets Over $500K for Blockchain Study

The Australian government has allocated AU $700,000 (about $521,000) to its Digital Transformation Agency to explore blockchain applications within government services.

Officials earmarked the funds, which will be gleaned from existing Agency resources and allotted over the course of the next four years, as part of its 2018 - 2019 budget. Launched in 2015, the Agency helps government departments "undergo digital transformation," in addition to leading its information and communication technology strategy.

"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.

This is not the first time that the Australian government has dedicated resources to examining the blockchain. In 2017, its top research agency issued two research reports on possible use cases and risks associated with the technology.

The government subsequently mentioned the tech in a consultation paper for its Digital Economy initiative.

Likewise, in late 2017, the government announced its plans to provide more than AU $8 million (about $5.9 million) worth of grants to a blockchain-based smart utilities pilot project.

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