The Australian authority has reportedly disclosed details of its $574 million Digital Business Plan, with up to $5M of funding will be allocated to further the growth of blockchain across the nation. 

Specifically, as revealed by Australia’s Prime Minister Scott Morrison, the distributed ledger technology initiatives-focused fund will reportedly set the record for highest investment in blockchain up-to-now.

“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.” Morrison reportedly disclosed details of the Federal Government budget, where $4.95 million will be dedicated to “two blockchain pilots directed at reducing business compliance costs.”

“With blockchain adoption accelerating around the world, this funding is a very welcome boost to the Australian blockchain industry and our local expertise.” Piper Alderman partner Michael Bacina reportedly shared the importance of two said projects, in “Helping to demonstrate and unlock the value of blockchain”. 

As included in the plan, $480 million has reportedly been allocated for a wide range of technological initiatives which have the power to bring changes to the DLT scene, including $183 million exclusively for a new digital identity system, along with $301 million to build a single business register – offering simplified viewing, updating and maintaining of their business registry data in one location.

National Blockchain Lead Chloe White from the Department of Industry, Science, Energy, and Resources reportedly referred to the initiative as a “a huge win for Australian blockchain today”, further claiming that is the largest sum of funding dedicated by the authority to the industry.