New York City To Launch a Blockchain Center


The New York City Economic Development Corporation (NYCEDC) announced that it plans to launch a “Blockchain Center” and other initiatives to put the city on the map as a blockchain technology hub, reported Coindesk on May 14.

The “Blockchain Center” aims to promote awareness of the blockchain technology and to facilitate the communication between stakeholders in the industry.

One of the priorities is to establish an attractive regulatory environment for innovative companies so BitLicence’s regulations will be revised by the NYCEDC.

Near the end of 2018, a competition will be launched by the NYCEDC to generate new ideas for improving municipal services with blockchain technology.

NYCEDC in collaboration with GrowNYC and CoinDesk co-sponsored a hackathon in Times Square, in which developers work to create a blockchain-based application for tracking the food supply chain for farmers markets near the city.

A vice president at the agency, Karen Bhatia thinks that New York City’s major industries such as real estate, finance, healthcare, and media will benefit from the tech.

Bhatia said,

“We’ve been looking into blockchain for probably close to a year now. We’ve been monitoring it… We saw an opportunity to be at the forefront of experimentation in blockchain as sustaining more of a foothold.”

The NYCEDC with its different initiatives plans to create thousands of jobs for New York. $100 000 will be given in seed funding for the Blockchain Center in its first year “as a pilot test, to see what the learnings are,” Bhatia expressed. However, much more fundings are expected in the coming years she added.

“Funding is not really the biggest issue when it comes to blockchain,” she mentioned.

Nothing has been confirmed but the Blockchain Center will possibly be open to everybody to learn more about the blockchain technology.

“The goal of this is to be a community center where people can walk in and learn more about what blockchain is, both the public as well as people who are working on new ventures and want some sort of a roadmap for how they should proceed,” Bhatia expressed.




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