New York To Develop Blockchain Centre

The New York City Economic Development Corporation (NYCEDC) as part of a partnership with FuturePerfect Labs (an affiliate of FuturePerfect Ventures) and GBBC Labs (a subsidiary of the Global Blockchain Business Council), has decided to open a new blockchain centre in the heart of the Big Apple. Microsoft and IBM have also joined the project as corporate partners.

Only last year, the crypto industry crashed drastically with the digital coin prices dropping by as much as 90 percent. Many companies including startups who were working on the technology were forced to lay off staff or even shut down.

However for the technology used in these digital assets, last few years have been the most rewarding and it has now reached what can be termed as its “peak”. Blockchain-based systems of a distributed digital ledger are being successfully employed in various leading companies like American retail giant Walmart Inc. Moreover, blockchain technology has also been actively used by big tech companies like Blue Big and Microsoft Corp.

Ana Arino, the chief strategy officer at the EDC, in an interview to Bloomberg said:

“We are playing the long game… It’s a nascent technology, so there’s bound to be uncertainty around this evolution from year to year. While we don’t know what the future holds, we want to make sure we have a seat at the table shaping it.”

This 4,000-square-foot Blockchain Center is located in the Flatiron district in downtown Manhattan. It joins other crypto and tech startups that populate New York’s Silicon Alley tech hub; which is now being considered as Manhattan’s smaller version of California’s Silicon Valley.

The center will provide services such as coding classes and lunch lectures for software developers to the general public.

The city of New York has invested $100,000 currently in this center. Further, the operators are expecting to raise funds via membership dues and corporate partnership. The initial plans to establish the center were announced in May.

Rishma Banerjee

Rishma is currently pursuing a bachelor’s degree in International Relations and has a special place in her life for sifting through all sorts of random trivia, thank you very much.