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New York Will Create a Development Center For the Blockchain Technology

The New York City Economic Development Corporation (NYCEDC) announced the launch of various initiatives that would use the benefits of the blockchain technology to improve the functioning of the city. The announcement was made in the frame of Consensus 2018, the fourth annual blockchain technology conference held from May 14th to 16th.

According to the information published on the official website of the NYCEDC, the corporation will create a Blockchain Center and launch a public competition for developers of applications related to this emerging technology. Finally, the CEDC will be one of the sponsors of the Blockchain Week of New York.

The Chairman and CEO of the NYCEDC, James Patchett, said the Blockchain Center would operate as a physical space for the industry and its objective would be to educate and connect businessmen interested in the blockchain technology through tutorships, commercial support and counselling for new initiatives related to this emerging technology.

At the same time, the center will try to create a confluence of government representatives, investors and users, with the goal of debating about the possible regulations for the blockchain ecosystem, according to the necessities of the public and the innovators.

When it comes to the aforementioned blockchain competition called The BigApps Blockchain, Patchett explained that the goal is to develop applications using the blockchain technology that would help to improve the services and processes in the public sector. Patchett added the competition should start at the end of this year and that on May 14th a bidding was opened to choose the company that would be in charge of organizing the competition.

The NYCEDC explains that the competition would include workshops to educate both the government functionaries and the public about the blockchain technology. The goal is to find significant uses of the blockchain technology, as well as to resolve certain challenges, especially the ones related to security, efficiency and response times for governmental services. The CEO of NYCEDC said: ““There’s no city in the world that’s better positioned to lead the way in blockchain. 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.”

On the other hand, Kevin Worth, the CEO of CoinDesk, one of the leading blockchain technology news outlet based in New York said: “We’re excited that we get to kickoff our Consensus conference with this news, and are 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.”

Paul Vallone, Council Member and Chair of the Committee on Economic Development added: “There is an enormous potential for applications and growth of blockchain technology. New York City has already positioned itself as a global leader in this field and initiatives such as this will ensure we remain on the forefront of this rapidly growing industry.”

Vallone’s colleague, Peter Koo, Council Member and Chair of the Committee on Technology expressed his opinion as well: “The BigApps Blockchain competition and the Blockchain Resource Center are great opportunities for NYC’s tech talent to explore the economic potential and job opportunities associated with this emerging technology. Thank you to the EDC and all our partners for working to open the door to new resources for NYC’s tech community to continue to innovate.”

Finally, ROn Kim, the NYS Assembly Member said: “The New York City Economic Development Corporation’s support of blockchain technology will go a long way in cementing New York’s position as the financial capital of the 21st century. Blockchain applications have the opportunity to revolutionize the way we conduct business and government. I look forward to continuing partnerships between this burgeoning industry and the public sector as we work to foster new businesses and promote the wellbeing of all New Yorkers.”

The Blockchain Week of New York is an event that will be cosponsored by the NYCEDC. This event will be an exposition and it will be held between May 11th and 16th with the goal of presenting the city as a booming center for works and innovations in the blockchain sector.

The Blockchain Week of New York will present the job opportunities in the city through the first and free blockchain job fair open to the public. Some of the participating companies are Deloitte, ConsenSys, Ripple, IBM, Accenture, KPMG and Ledger.

Before the Blockchain Week, the NYCEDC and a company called GrowNYC cosponsored a hackathon held on May 12th and 13th. During the hackathon, the developers were trying to find solutions for the food supply chain based on the blockchain technology.

All the initiatives announced by the NYCEDC were supported by many of the participants in the Consensus 2018 conference. All these participants pointed out the significance of the blockchain technology and its advantages for the New York City.

The blockchain technology is experiencing a boom in the city, with the potential to create thousands of jobs, according to NYCEDC.

The Commission pointed out new cases of usage of this emerging technology in big business sectors of New York, such as the finances, media, insurance, medical attention and real estate.

It was also highlighted that between 2015 and 2017 the job offer related to these new technologies increased by more than 800%, according to Burning Glass. Likewise, the investment of venture capital in startups working with the blockchain technology increased to more than 199 million dollars last year.

Maja Vujinovic, the CEO of OGroup, said: “NYCEDC plays a critical role in the next generation economy for the city, the country and the world. Blockchain, digital ledger and emerging technologies, as a whole, are driving transparency in our society and in our industries. We have to prepare current businesses for these inevitable changes, and the new generation of leaders that will drive a more abundant and inclusive economy.”

On the other hand, Sandra Ro, the CEO of Global Blockchain Business Council (GBBC) and former Executive Director and Head of Digitization at CME Group, said: ““The Global Blockchain Business Council (GBBC) welcomes and supports NYCEDC’s announcement to advance blockchain technology for New Yorkers, particularly, for its most vulnerable citizens. Together, we will build bridges, help educate and create real job opportunities for NYC as this technology grows and becomes the next trillion dollar industry.”

All this growth of the blockchain industry in New York could be one of the reasons that urged the legislators in the state to introduce four laws that are trying to include this innovative technology in the legal frame and recognize the possibilities it brings with it.

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