New York Embraces Blockchain

An announcement made on Monday by The New York City Economic Development Corporation (NYCEDC) has revealed that plans are in earnest to permanently establish New York City as one of the biggest investment markets in the country for Blockchain market.

Image Source : https://pixabay.com

Some of the plans include:

• Building a Blockchain Center. The aim of this center is to provide innovators and new members with maximum learning opportunities. This is particularly for those that have little to no knowledge about Blockchain. This center is intended to enlighten them and provide more information on what Blockchain is really all about. Investors in Blockchain business sectors aren’t left out. The Blockchain center provides them chances to discuss many issues, one of which has to do with reviewing the New York State's BitLicense regulations enforced in 2015 by the New York Department of Financial Services. It is strongly believed that this regulation has in a way discouraged Blockchain startup businesses. The goal of this center is to work to review and improve the regulations in a way that will encourage new business owners/ investors. The meeting might, however, cause some real arguments as the regulation has been one full of controversy. Entrepreneurs, business owners, regulators and The New York Department of Financial Services are those invited to grace this meeting. In the month of February, a similar meeting was held by the NYCEDC where discussions were held and plans were made to review the BitLicense regulations.

• Another plan the NYCEDC has in motion is to create a contest that draws developers from different organizations. The aim of this is to allow them come up with innovative ideas that will greatly contribute to civic services using Blockchain tech.
  Organizations interested in the contest will be expected to indicate interest by tendering a request for proposals (RFP) to the agency.
  Over the weekend, the non-profit GrowNYC and CoinDesk partnered with the NYCEDC in organizing a hackathon contest in Times Square. They were required to provide Blockchain oriented ideas for monitoring food supply chain for farmers markets around the city.

• Another plan proposed is the BlockChain week. The NYCEDC will partner with CoinDesk to set this up. The week will feature activities like a free job fair that will hold at New York Hilton Midtown.

According to a vice president at the agency, Karen Bhatia, BlockChain has gained wide popularity in New York. It seeks to benefit the finance, healthcare, media and real estate sectors in the city. Investment of close to a $100,000 will be plunged into the BlockChain center with more to come from private sources. The Center as earlier mentioned will serve as a learning center, new investors will be guided as to the steps to take. It will also be well equipped with a full-time staff. The location is yet to be decided although city-owned property at South Street Seaport is a possible consideration. In addition, Bhatia stated how important it was to review the regulations in a way that benefits both innovative startups and consumers.