New York City is getting a pair of blockchain projects

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James Patchett, president and CEO of the New York City Economic Development Corporation (NYCEDC), has announced that the nonprofit organization will launch two blockchain initiatives in New York City in the coming months. Speaking at CoinDesk’s annual blockchain conference, Consensus 2018, which was attended by Business Insider Intelligence, Patchett said the initiatives are designed to help establish the city as an accessible center for blockchain innovation in the future.


BI Intelligence

Here are some details on the two initiatives the NYCEDC is planning to set up:

  • It will introduce the NYC Blockchain Resource Center. The center will be a physical hub focused on building awareness of blockchain technology. It will promote education on the subject and connect blockchain entrepreneurs to business support, mentorship, and advisory services. Additionally, there will be a community of experts directed at helping businesses launch and scale their new solutions. This will likely lead more businesses to seek out New York City for their blockchain operations in the future.
  • A blockchain competition will be held in New York City.The NYCEDC started accepting applications for its blockchain competition yesterday. The competition will aim to identify blockchain solutions that can be used to improve public sector services and processes. Moreover, it will include workshops to educate the local government about blockchain, and strive to find meaningful use cases to solve challenges like security and achieving efficiency. Launching this competition seems like an effective way to get firms to bring their solutions to the city, while the government’s involvement could facilitate future adoption.

These initiatives show that New York City is getting serious about blockchain development. That the NYCEDC is putting considerable effort into promoting blockchain suggests the technology is seen as promising and important by local organizations. That’s good news for the sector in New York City, and could increase blockchain activity in what is arguably the US’ financial epicenter.

Additionally, increasing education and workshops on the complicated technology will likely boost awareness of it, and may perhaps help inform regulatory measures in the future. That could make it easier for the many financial services companies exploring blockchain to launch their solutions.

Nearly every global bank is experimenting with blockchain technology as they try to unleash the cost savings and operational efficiencies it promises to deliver.

Banks are exploring the technology in a number of ways, including through partnerships with fintechs, membership in global consortia, and via the building of their own in-house solutions.

Sarah Kocianski, senior research analyst for Business Insider Intelligence, Business Insider’s premium research service, has compiled a detailed report on blockchain in banking that:

  • Outlines banks’ experiments with blockchain technology.
  • Details blockchain projects at three major banks — UBS, Credit Suisse, and Banco Santander — based on in-depth interviews.
  • Discusses the likely trends that will emerge in the technology over the next several years.
  • Highlights the factors that will be critical to the success of banks implementing blockchain-based solutions.

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