Ideally, the center will have street frontage and be available to passersby, Bhatia explained.

Last however, the bureau is currently co-sponsoring Blockchain Week using CoinDesk. Underscoring the NYCEDC’s motivation, the series of events around town will include a free   job fair Wednesday in the New York Hilton Midtown, the venue for Consensus 2018.
Karen Bhatia, a former president in the bureau, said that it finds that the city’s major industries – finance, health care, media and property – as possible beneficiaries of blockchain.
The strategy is for the center to have a full-time staff, she said, although the NYCEDC is not yet certain how large it’ll be. The bureau is considering several possible locations, such as a city-owned property in South Street Seaport.
Nevertheless the center will also likely play host to a heated discussions since some of its state aims is to get regulators and entrepreneurs to in Bhatia’s phrases – “sit down and have a real discussion about how these regulations are affecting entrepreneurship and innovation in nyc.”

For Your Blockchain Center, the NYCEDC provides $100,000 in seed financing for the first year “as a pilot test, to find out exactly what the learnings have been,” Bhatia said, although she anticipates additional funding to become available as needed by personal sources, given the amount of investment in the sector overall.

“The objective of this is to be a community center where people are able to walk and learn more about exactly what blockchain is, either public as well as people who are working on new ventures and want some kind of a roadmap for how they ought to move,” she said.

The NYCEDC also announced a competition, expected to launch late 2018, designed to create ideas for improving municipal services with blockchain technology.  

A strategic industry

Announced Monday, the New York City Economic Development Corporation (NYCEDC) is launching several initiatives to set the city in the map as a blockchain tech hub. Foremost among them is a strategy to start an “Blockchain Center” that will both encourage public awareness of the technology and ease conversations among industry stakeholders.

Bhatia noted that the NYCEDC took part in an February roundtable hosted by 2 state senators on revisiting the contentious regulation.
While federal regulators will be invited to take part, so will the New York State Department of Financial Servicesthat generated the BitLicense.

A vital subject of the centre’s conversations will be creating the regulatory environment more attractive to advanced businesses – which will inevitably imply analyzing New York State’s BitLicense regulations, widely blamed for forcing away startups because they occurred in 2015.

The chief in blockchain information, CoinDesk is a media outlet that tries for the highest journalistic standards and abides by a strict series of editorial policies. CoinDesk is also an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies along with blockchain startups.

Taken collectively, these movements indicate that the NYCEDC viewpoints fostering blockchain activity as a strategic play that can create thousands of jobs such as New York. The NYCEDC is the city’s official economic development company, and its board members have been appointed by the mayor and other senior leaders.  

It is Blockchain Week at the Big Apple, but when town leaders have their way, New York will be than only a great spot for the industry to go to.  

“We have been looking into blockchain for probably close to a year old now. We have been tracking it,” Bhatia told CoinDesk.


“Funding is not really the biggest problem in regards to blockchain,” she said.

“We are well aware that regulations are affecting blockchain businesses in New York.”

Although the NYCEDC admits the need for regulations to protect consumers, the center will look for methods to do that without squelching startups, Bhatia said, finishing:
Kicking off its charm offensivethroughout the weekend the NYCEDC, together with the non-profit GrowNYC along with CoinDesk, co-sponsored that a hackathon at Times Square where developers worked to come up with blockchain-based options for tracking the food distribution chain for farmers markets around town.

Published at Mon, 14 May 2018 13:29:20 +0000