Rhode Island Tries to Woo Blockchain Suitors

BTC Wires: On 26th July, 2018, officials of Rhode Island approached the blockchain industry and appealed them to expand operations in the Ocean State. The Omni Providence Hotel saw 100 executives from blockchain firms being addressed by present and former state officials. Commerce Secretary Stefan Pryor, Gov. Gina M. Raimando etc. were present to address the meeting. All the speakers emphasized on their willingness to cooperate with blockchain firms to make Rhode Island a blockchain hub.

Raimando insisted on their pioneering spirit, and enthusiasm for innovation. Pryor assured them of legislative and regulatory support as well. Another official insisted on outdoing bigger hubs like New York by being receptive to concerns from the industry itself. Mattiello, another speaker, also expressed enthusiasm about overcoming the islands’ stagnancy. A real estate investor, Paolino also expressed interest in renting space to the firms.

The executives of a New York investment firm, Alchemist, seemed awed by the reception they experienced and vice chairman Jeff Pulver expressed appreciation for the Ocean State’s boldness in welcoming crypto and blockchain firms despite being a small state. The founder of the firm Steven Nerayoff praised Governor Raimando for taking initiative and commented on the closeness to New York, Boston etc and the abundance of accomplished students armed with science and tech degrees. He added that it’s essential to have a hub and a dedicated space for blockchain and Rhode Island could well be the place. They are convinced that the blockchain industry has great potential that can be tapped in the coming future.

Blockchain, with its ability to promote security, transparency and immutable accounting, can have a revolutionary impact on several industries and Rhode Island officials are out to make the most of it.

Being publicly shared, blockchain lies openly in the public domain and any modifications or changes made in the informal can be done only with consent and knowledge of all. As a result, this technology is largely immune to hacking and other security breaches. As a result of this quality, blockchain is frequently made use of by Fintech firms for storage of sensitive financial data and also to handle transactions cheaply, cost-effectively and quite securely at a fraction of the time used by traditional banking systems. As a result, we have peer-to-peer transactions which allow us to eliminate the need for third parties or middlemen which simplifies the process to a great extent.