New-York-City-Initiates-Blockchain-Hub-to-Become-a-Global-Industry-518

NYCEDC is unveiling the new NYC Blockchain Resource Center, and a specialized blockchain competition. New York City Economic Development Corporation NYCEDC President and CEO James Patchett has made a statement about a series of operations being started to help support in the improvement of blockchain technology in the city.

The new statements were made at the Consensus Conference for CoinDesk where James was the lead keynote speaker. Patchett also reported NYC would start the new various operations initiative by releasing the launch of the NYC Blockchain Resource Center and a publicly run competition focused around blockchain technology applications that will help to improve the way the industry operates in the public sector.

In direct accordance to the announcement made by the NYCEDC the NYC Blockchain Resource Center, it will also be used to help investors meet each other, and for lawmakers as well as consumers who need a place to collaborate on blockchain tech.

“The center will serve as a physical hub for the industry, building public awareness for blockchain technology through education, and connecting entrepreneurs to business support, mentorship, advisory services, and a community of peers to help them launch and scale new ventures,” stated the NYCEDC.

The new competition application competition, that is set to begin later in the year (2018), is said to be similar to the other contests like the City ‘BigApps’ event. The NYCEDC officially asked for proposals for various organizations who had considered taking part in the competition. The announcement was made on May 14th, just a few days prior to this writing. There will also be other similar workshops for the purpose of education, to be used primarily for the general public and official government employees. The workshops will be run as a part of the primary competition.

And during the same speech at the NYC Consensus, Pathett also stated,

“No city in the world that’s better positioned to lead the way in blockchain” then NYC is. “We’re a global leader in finance, real estate, media, and tech – all industries seeing incredible innovation from this new technology. The City is putting a big focus into blockchain to find out how we can grow the industry and make sure it’s creating great opportunities for New Yorkers.”

In some ways, NYC has been the main forefront for all blockchain technology regulations that have taken place in the United States for the last few years. Back in 2015, the state even started a new protocol called the BitLicense program. The program is focused on being a business license for companies who are conducting virtual currency activities.

Even so, the new program has been scrutinized heavily due to its way of smothering new blockchain technology startups with high prices. Lawmakers and industry participants have both asked the program to be reformed to improve its functionality.

Beside this announcement, there was history made in New York earlier this week when the state officially authorized the Winkelvoss twins’ Gemini Exchange as the 1st Zcash exchange in the world to be officially licensed.

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