NYC Hops On Blockchain Hype-Train, Launches first phase of Blockchain Initiative

May 14th marked the beginning of Blockchain Week NYC, kicking off a series of blockchain and crypto-centric events. The most notable event in New York was Consensus 2018 which attracted more than 8,000 attendees and saw many prominent personalities from multiple domains. In the event, New York City Economic Development Corporation (NYCEDC) President and CEO James Patchett announced his plans to capitalize on the growing blockchain industry.

The financial capital of the world is going to roll out two initial efforts to build a foundation around the technology and position NYC as an accessible center for blockchain innovation. NYCEDC will launch NYC Blockchain Resource Center which will serve as a physical hub for the industry and will be aimed at building 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.

Additionally, to boost the adoption of the blockchain, NYCEDC will be conducting a competition for generating new innovative ideas with blockchain implementation that enhances the services of the city’s municipal corporation. The competition will be launched in late 2018.

The competition will include a series of workshops to educate those in government about blockchain and identify meaningful use cases to solve challenges like security, efficiency, and turn-around-times for government services. Patchett in his speech said:

“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.”

Kevin Worth, CEO of CoinDesk said:

“…pleased to be partnering with the NYCEDC on the first Blockchain industry job fair as well as supporting their efforts to make NYC the next great hub of innovation.” There were other prominent members of the audience who applauded this effort by NYCEDC.

In the first year of its operation Blockchain Center will be getting an initial funding of $100,000 USD which will include pilot testing of blockchain solutions across the sectors and understand the improvements going forward. The center will also hold important discussions between the big players of the industry with one of their goals is to get regulators and entrepreneurs on the same platform.

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