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New York City is doubling cryptography despite the bitcoin bear market. The NYC Economic Development Corp. opened a 4,000-square-foot Blockchain Center on Thursday (January 10) amid the Crypto Winter. Why? Because EDC is long-range, says a manager.
"We are playing the long game," said Ana Arino, the chief strategy officer of the EDC, to Bloomberg. "It's a nascent technology, so it's inevitable uncertainty about this evolution from year to year.
While we do not know what the future holds, we want to make sure we have a seat at the table that shapes it.
Partners include Microsoft and IBM
The Blockchain Center is located in the trendy Flatiron area of central Manhattan. It joins other cryptographic and technological startups that populate the Silicon Alley technology center in New York. This is the smallest version of Manhattan in the Californian Silicon Valley.
The center will offer coding lessons and lectures to promote awareness and adoption of the blockchain, the technology of the ledger distributed at the base of bitcoin.
The center was funded by the Global Blockchain Business Council (a trading group) and the venture capital fund FuturePerfect Ventures.
The city of New York provided a one-time investment of $ 100,000. In addition, the center received funding from business partners, including Microsoft and IBM. The center plans to charge membership fees as it grows.
While the Naysayers have declared bitcoin's death 90 times in 2018 because of swooping prices, skeptics have also praised the technology that changes the game by emphasizing the virtual currencies.
MIT: Blockchain will become mainstream
As reported by CCN, MIT's anti-crypto Technology Review expects the blockchain to become so mainstream in 2019 that it will become "boring".
Juggernaut company Walmart has tested a private blockchain system for years to track its food supply.
Walmart will start using the system in 2019 and has invited some of its fresh product suppliers to join.
The "boring" blockchain could become mainstream in 2019: MIT https://t.co/LApaoWsh3Y
– CCN.com (@CryptoCoinsNews) 2 January 2019
Similarly, the French supermarket chain Carrefour uses blockchain to improve food security by tracking down chicken, eggs and tomatoes as they travel from farms to stores.
Carrefour is Europe's largest retailer with over 12,000 locations worldwide, so large companies are already investing in space.
The Rockefeller Dynasty invests in Blockchain
The emergence of the blockchain in the mainstream is not surprising because the foundations had been laid down by the last year. In 2018, the Rockefeller family venture capital arm, Venrock, stunned the cryptic world by announcing that it is investing in startup blockchain.
The Rockefeller family – with an estimated net worth of over $ 1 trillion – is one of the richest dynasties in the world. The name Rockefeller brings the institution's cachet, from Wall Street to Main Street.
David Pakman, partner of Venrock, stressed that his $ 2.6 billion investment fund is long-term. Pakman said the fund is not interested in making short-term profits, but to invest long-term to grow blockchain technology.
The Rockefellers go on with the Cryptocurrencies to invest in startup blockchain https://t.co/vCpbSG3xSk
– CCN.com (@CryptoCoinsNews) 10 April 2018
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