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New York Plans Creating Urban Infrastructure Based On Blockchain Technology

Published: 16/05/2018

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What is it for?

New York City Economic Development Corporation (NYCEDC) announced the implementation of initiatives aimed at creating blockchain-based urban infrastructure at the Blockchain Week NYC.


First of all, NYCEDC plans to open Blockchain Center which will increase public knowledge of blockchain and will facilitate business negotiations among those who are interested in applying that technology. One of the key topics for discussion will be the creation of an attractive regulatory structure for innovative business representatives.


The corporation announced a competition at the end of 2018 the aim of which will be to gather ideas of potential usage of blockchain technology to municipal services. Firstly, NYCEDC will start accepting applications from institutions willing to moderate this competition.


NYCEDC was one of the sponsors of the hackathon in Times Square, where developers offered projects based on blockchain which the supply chain management the for farmers' markets in the city.


Karen Bhatia, NYCEDC's vice president, stated that she had been studying blockchain technology for a year and she believes that the city may become one of the leaders in blockchain application, especially in such areas as finance, healthcare, media, and real estate transactions.


NYCEDC is an organization that deals with the New York's economic development, the mayor and other high-ranking leaders appoint its members.


As previously reported, the Consensus 2018 blockchain and crypto conference began in New York.

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