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The city of New York could start testing the blockchain technology for various cases of use by the end of the year.
The new Blockchain Center of the New York City Economic Development Corporation (EDC) opened on Thursday and intends to start testing the use cases of the technology next fall, according to Bloomberg. The center is part of a partnership with the venture capital fund Future Perfect Ventures and the Global Blockchain Business Council.
At present it is not clear which areas can be covered by these use cases. The EDC is a non-profit corporation that aims to support economic growth within the city. Acts as a company for the official economic development of New York.
The city of New York itself contributed $ 100,000 to the new Blockchain Center, and the facility will continue to raise funds through corporate partnerships and membership fees.
Microsoft Corporation and IBM have already partnered with the center, the managing partner of Future Perfect Ventures, Jalak Jobanputra, said in Bloomberg.
The new center, based in the Flatiron district, will offer programming lessons and host conferences aimed at both developers in space and the general public.
The move comes when a number of encrypted startups have started firing employees due to a current bear market, but this is not necessarily a problem for the center.
Ana Arino, chief strategy officer at EDC, told Bloomberg that the center was "playing the long game", adding:
"It's a nascent technology, so it's unavoidable uncertainty about this evolution from year to year, even if we do not know what the future holds, we want to make sure we have a place at the table to shape it".
A number of companies are starting to build stores in New York, including Coinbase, which opened a new office in the city last fall. Canaan, a bitcoin mining hardware manufacturer, is also considering launching an initial public offering in the city.
The EDC did not respond to a request for comment by press time.
Image of the New York skyline through Shutterstock
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