Australia Provides $6 million for the Implementation of the Blockchain in the Sphere of Public Services
November 23, 2017
The Australian Government has announced grants of 8 million Australian dollars (equivalent to about $6 million US dollars) to two startups engaged in the development of blockchain solutions in the utilities sphere.
2.57 million Australian dollars is known to be allocated for the project which will be created in the city of Fremantle. The second startup will receive AU$ 5.6 million from its partners: Curtin University, Murdoch University, Power Ledger, LandCorp, CSIRO and Cisco.
According to the project plan, the companies are expected to conduct research on the possibilities of the blockchain technology in the distribution of power and water in the utilities in the country's cities.
Control over the projects' activities will be exercised by Curtin University.
"Our goal is to develop a 'smart metering system', a system of storaging energy in batteries and a trading system based on the blockchain technology to ensure the efficient energy and water supply between critically distributed infrastructures that would otherwise require physical co-location," said Greg Morisson, professor at Curtin University.
One of the partners, Power Ledger, will provide the startups with its transactional platform for renewable assets.
Federal grants are provided through the government programs Smart Cities and Suburban Development Program, and the energy partners of the programs include the Australian Energy Market Operator (AEMO), Western Power and CRCLCL.
It is assumed that work on the pilot version will begin in two months and will last for two years.