Tuesday, June 25, 2019

New York Launches Blockchain Center Despite Controversy in the Cryptocurrency Industry

New York City, on January 10 launched its own Blockchain center despite the controversy in the industry over Bitcoin’s price trend in 2018. This is a hub for the training of software developers and the general public in the area of the Distributed Ledger Technology (DLT), a media outlet reports.

Launched Blockchain Center Proposed in May

The newly launched Blockchain center was first announced in May 2018 and now it is a reality. The hub is as a result of a collaboration between the State and two organizations. These are Future Perfect Ventures, a New York-based venture-capital fund and Global Blockchain Business Council, a trade organization.

Accordingly, coding classes have been scheduled to begin in the 4,000-square-foot complex which is located at Flatiron District, Manhattan. The classes are not limited to only Software developers. This is because the general public and those who may be interested in this modern technology have been encouraged to enroll.

New York to Invest $100,000 One-time Fee Into Center

Base on reports, the State is investing $100,000 into the center. It is a one-time payment where the extra funds needed to run the hub will be generated through membership fees and partners. Some of these corporate partners are Microsoft Corp. and International Business Machines Corp.

It has also been noted that the Blockchain center is coming at a time where some people may have given up on the DLT. This can be attributed to the falling prices of cryptocurrencies, a technology of the Blockchain. It could have also discouraged some companies in the industry. Others, on the other hand, may have had to lay off workers due to insufficient funds.

More Blockchain Centers Have Been Launched

Asides New York, Ohio Texas is also making plans to launch a Blockchain hub. Barbara Snyder, the president of Case Western Reserve University (CRWU) made this known in December. She stated that it will encourage the use of Blockchain Technology in the area and the development of applications based on it. In regards to the proposed center, three meetings have been held.

BTCNN had also made a report of Austria, a nation that is actively engaging in the promotion of the DLT. The European country approved its first Blockchain hub in December with the aim of giving more support to the technology. This is also the case with Western Australia who launched its first Blockchain center in December.

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