New York City is doubling blockchain technology despite the prolonged Bitcoin bear market it has seen Bitcoin has lost more than 80% of its December 2017 high while other cryptocurrencies lose even more. The New York City Economic Development Corporation (NYCEDC) has announced yesterday 10 Januaryth, which is opening a blockchain center in the Flatiron District of Manhattan. TThe blockchain center is a joint venture between NYCEDC, the Global Blockchain Business Council business group and the FuturePerfect Ventures venture capital fund.
Ana Arino – said the chief strategy officer at the EDC that the center blockchain is a long-range move as it seeks to position itself within the nascent blockchain world. She said:
"We are playing the long game. [Blockchain’s] a nascent technology, so there will certainly be uncertainty around this evolution from year to year. Even if we do not know what the future holds, we want to make sure we have a seat at the table to shape it ".
According to yesterday's announcement, New York City will contribute "A one-time initial investment of $ 100,000" towards the project. In the future, EDC plans to raise funds to support the blockchain center through membership fees and funds raised by EDC partners to the project. Partners already included include Microsoft Corp. and International Business Machines (IBM).
The city of New York has already made provisional plans to use blockchain technology this fall. The ECD states that the 4,000 square foot center will be used to offer blockchain-oriented educational services to the general public, such as programming lectures at software developer conferences.
Despite the collapse of cryptocurrency prices in 2018, blockchain technology has gained much traction in terms of adoption and innovation. Companies focused on blockchain like Ripple and Stellar has achieved important partnerships with traditional companies such as IBM and various global banking institutions. Walmart, one of the leading retailers in the United States, announced last year that it was integrating blockchain technology into its supply chain processes to ensure the quality of its products.
While Bitcoin's critics have been relentless on their criticisms against Bitcoin and cryptocurrencies in general, blockchain space has grown by leaps and bounds and this recent New York development shows that despite the nascent technology, it is here to stay.