Blockchain technology may soon be tested for different use cases by the New York City later in the year.
Bloomberg reported Thursday that the New York City Economic Development Corporation’s (EDC) new Blockchain Center which is projected to start testing the tech’s use cases next fall was opened on Thursday. The center is in contract with the venture capital fund Future\Perfect Ventures and the Global Blockchain Business Council trade organization.
Presently, the areas these use cases may cover is still unclear. The EDC as a non-profit organization is focused on the support of the city’s economic growth. It operates as the official economic development corporation of New York.
About $100,000 has been contributed to the new Blockchain Center by the New York City itself, and funds will continue to be secured by the facility through corporate partnerships and membership fees.
Jalak Jobanputra, the Future\Perfect Ventures managing partner informed Bloomberg that Microsoft Corporation and IBM have already collaborated with the center.
The new center which is situated in the Flatiron District will take classes on coding and hold lectures which will target both developers in the space as well as the general public.
The decision was made following the downsizing of employees by various crypto startups as a result of an ongoing bear market, however, this does not necessarily have a sudden effect on the center.
The chief strategy officer with the EDC, Ana Arino stated to Bloomberg that the center was “playing the long game,” further stating that:
“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.”
Various firms have started establishing shops within New York, including Coinbase, which in last fall opened a new office in the city. According to a report, a maker of bitcoin mining hardware, Canaan is seeking to introduce an initial public offering in the city.