Funding to demonstrate Blockchain technology’s potential to reduce compliance burden

You are not eligible to apply if you are:

• an organisation, or your project partner is an organisation, included on the National Redress Scheme’s list of ‘Institutions that have not joined or signified their intent to join the Scheme’
• a non-corporate Commonwealth entity

We assess your application against the eligibility criteria and then against the assessment criteria. Only eligible applications will proceed to the assessment stage.

The amount of detail and supporting evidence you provide in your application should be relative to the project size, complexity and grant amount requested. You should define, quantify and provide evidence to support your answers.

The program delegate will make the final decision.

We will assess your application based on the weighting given to each criteria.

Assessment criterion 1:

How your project will achieve Blockchain Pilot objectives (40 points)

• You should demonstrate this by describing how:
• your project will address the objectives of your chosen pilot (Appendix A)
• your project will demonstrate the ability of blockchain technology to meet the needs of industry regulators and reduce regulatory compliance burden for businesses
• your blockchain product will be unique, add value and not duplicate products already in the market
• you will promote and support Australia’s blockchain start-up community.

Assessment criterion 2:

Viability and security of your blockchain solution (20 points)

You should demonstrate this by describing:

• the blockchain protocol(s) and/or system(s) you expect to use
• the transparency and security of those protocols, including:
  • whether your blockchain ever has been the subject of a successful hack, such as a 51% attack or other security failure
  • how your blockchain will verify real world-data and prevent the input of fraudulent data, for example by using oracles and/or authentication techniques
• whether your blockchain solution features one or more cryptocurrencies, and if so, why these are necessary for the functioning of your protocol
• any regulatory licenses that are required and, if not already obtained, how you plan to obtain appropriate licenses.

Assessment criterion 3:

Capacity, capability and resources to deliver your project (25 points)

You should demonstrate this by describing:

• you, or your partners, track record managing similar projects and access to personnel with the right skills and experience, including management and technical staff
• the extent that your project involves Australian blockchain (or similar technology) industry partners and Australian business in relevant industry sectors
• how your solution will solve known technical challenges such as legacy system interoperability
• your plan to manage the project, addressing scope, implementation plan, timeframes, budget and risk (including how you will mitigate security risks).
• You must attach a separate project plan, including a detailed budget, with your application.

Assessment criterion 4:

Impact of grant funding (15 points)

You should demonstrate this by describing:

• any additional investment or contributions your project will leverage, including support from partners or investors in your new product, technology, service or mode
• your strategy to maintain the blockchain solution beyond the duration of the grant
• the broader value of your project, how it will benefit Australian businesses, including spill over effects into other industry sectors, support for start-ups and SMEs.

If your application is successful, you’ll receive a written offer. If you are unsuccessful, we’ll notify you in writing and give you the chance to discuss the outcome with us.

Successful applicants must enter into a grant agreement with the Commonwealth. The grant agreement will specify the reporting requirements, payment schedule and milestones necessary to receive payments.

We’ll make the first payment when the grant agreement is executed. We’ll make subsequent payments after we have received and accepted the required report.

Payments will be made by direct credit into a nominated bank account.