Journalist: Teresa

As New York City announced the first blockchain initiative — NYC Blockchain Development Center last week in Consensus 2018, PANONY interviewed the Vice President of New York City Economic Development Corporation Karen Bhatia about her view on blockchain development in New York City and how blockchain can be utilized in the public sector. Before joining NYCEDC, Karen has been working in law, government and tech spaces for more than ten years. Karen offered her insights on how New York City Government perceives blockchain and its opportunity.

New York City partnered with Coindesk to expand this year’s Consensus to New York City Blockchain Week. Karen mentioned to PANONY “The role of NYCEDC is to support and scaling companies in New York City. We are also actively looking for technology that will eventually provide job opportunities in the city.” She also added that “The technology we are currently looking into are blockchain, AR/VR, AI, cybersecurity, smart cities and digital health.” 
 
When asked about what is the role of NYCEDC going to be different from other blockchain incubators, Karen replied “We focus on pulling different players together. From large corporate, startups and regulatory bodies. We are also helping entrepreneur commercializing his/her ideas.”

The recent Mark Zuckerberg congress hearing showed that there is an alarming knowledge gap between Silicon Valley and Washington DC. To respond to this issue, Karen said: “As Blockchain Development Center, we do have the responsibility to educate people and other government officials about blockchain technology, so that it is not a technology being controlled by a few and the legislature don’t make decisions based on fears.” She also pointed out the importance of setting a realistic expectation of blockchain technology among the people and the government.

Speaking of what is Karen’s favorite blockchain use case in the public sector, it is Fummi. “Fummi provides digital identity and wallet to homeless people in the city.” Karen said, “In addition to that, I think land-titling, medical-licensing and corporate record all have great potential.”

“I would love to learn more about how blockchain is being utilized in Asian cities.” Karen replied when asked about international city partnership “There are very few contacts and information about how Asian cities adopt blockchain, although I know the scene is very active. Of course, we would love to have more interactions with other cities.”