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Crypto News - PowerLedger (POWR)

Turnbull’s Government invests millions in Blockchain Technology

Australia, through Prime Minister Malcolm Turnbull’s government, has shown that they are committed to exploring new possibilities through blockchain. 

The country has invested $8.6 million, of which $2.6 million is derived from federal grants, into blockchain technology. On Friday, the Assistant Minister for Cities and Digital Transformation, Angus Taylor, awarded this grant to an initiative which is partly run by Power Ledger, who in turn is the first Australian company to list itself on virtual currency exchanges. The initiative also includes Curtin University, Murdoch University the CSIRO and eight other organizations.

Power Ledger’s token price surged from $0.46 to $0.79 following the announcement.  This shows how much strength there is in legitimizing Cryptocurrencies through government interest and investing.

The Perth-based energy company, based on the Ethereum blockchain network, raised $18.9 million during its ICO launch. On the 22nd of November, over $63 million worth of tokens had been exchanged.

By using blockchain technology, Power Ledger aims to develop a digital emissions trading scheme initially in Fremantle, with expansion to other areas in the future.

The platform will track household energy consumption and generation and based on the resulting data, will give neighbors an opportunity to automatically trade excess energy.

“I've always believed in the enormous potential of distributed energy generation,” Taylor said.

“It's not just emissions reduction but is also a way of taking big costs out of the system and solving shortages.”

Taylor went on to say that the big investment was part of the country’s Digital Transformation Agenda. He also added that there is still plenty of opportunity to learn more about blockchain and the crypto industry.

“There is inevitably risk with the technology but the federal government's Digital Transformation Agency and CSIRO's Data 61 are both looking for applications for it,” he added.

“I've started more than half a dozen companies myself, you raise money anyway you can and if we can help small companies grow by being a customer to them then that is the most powerful way we can have an impact,” Taylor concluded.

The Australian Securities and Investments Commission has however warned potential investors that ICOs do not offer much protection to them.

Safety concerns in the crypto industry were also brought to the fore when news broke that $41 million worth of Tether, a virtual currency, was hacked.

Even through the volatility and unpredictability, Bitcoin still continues to soar.

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