New York City wants to start testing the use of blockchain technology this Fall

“The city that never sleeps” is positioning itself as a hub for blockchain innovation and aims to increase the initiatives related to blockchain. To this end, the New York City Economic Development Corporation (EDC) has opened in January its Blockchain Center in Manhattan.

Modex is offering developers an innovative set of open source software for blockchain development.

Back in May 2018, James Patchett, CEO and president of the New York City Economic Development Corporation, 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.” Ana Arino, EDC chief strategy officer, added: “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.”

The Blockchain Center in Manhattan is the result of a partnership between New York City Economic Development Corporation with affiliates of venture-capital fund FuturePerfect Ventures and the Global Blockchain Business Council, a trade organization. Located at 54 W. 21st St. in the Flatiron District in the center of the city’s Silicon Alley, the 4,000 square-foot Center offers everything from coding classes to lunch lectures for software developers to the general public. The NYC Blockchain Resource Center is a think tank, convening industry players, government officials, investors and consumer advocates, and ‘serve as a physical hub for the industry.’

According to the EDC, New York’s blockchain startups received more than $500 million in venture capital funding in 2018, up 500 percent from 2017. Several of the largest blockchain employers in the world are rapidly growing in the city. Last year, New Yorkers had seen more than 2,200 blockchain-related job postings, up 80 percent from 2017. Commenting on this, Julie Samuels, executive director of Tech:NYC, a non-profit organisation representing NYC technology companies, stated: “The blockchain industry is booming in New York, and with these new initiatives, the NYCEDC is seizing on its potential to revolutionise the way we do business and create new jobs in the process. Blockchain technology promises to have real impact on all kinds of businesses and sectors, and it’s key that all stakeholders — government, entrepreneurs, technologists, and existing industries — work together to get it right”, concluded Samuels.

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