Blockchain in Atlanta is becoming a very widely-discussed topic. Over the past few months, the city has been hosting a series of crypto and blockchain events which have helped to raise interest in the technology.
Here are three reasons why blockchain is becoming a major theme in Atlanta.
Many events have been taking place in Atlanta, including the Annual Atlanta Blockchain Meetup Conference which hosts over 3,000 members and monthly meetings. This event recently commissioned the creation of the world’s largest Bitcoin sculpture at the Atlanta Tech Village. The sculpture displays both the public ID and private key of a Bitcoin wallet, allowing users to transfer Bitcoin between themselves and the sculpture. The sculpture was created as an artistic statement about the growth of cryptocurrency in the city and in the wider world.
Other events have celebrated things such as the 40 most innovative companies across the state and have been helping to grow knowledge of blockchain and cryptocurrency in the city. All of these events have been focusing on establishing Atlanta as the next global hub for blockchain investment and innovation.
There are over 20 companies that are completely devoted to blockchain in the city. One of which is BitPay, the global Bitcoin and Bitcoin Cash payment processing service for merchants. The company helps to regulate payment processing services for buyers and sellers who use Bitcoin.
Another company making waves in the city is Storj Labs, the blockchain-based cloud storage platform. The company burst onto the scene in 2015, making it one of the older blockchain companies in Atlanta. The platform is backed by other major companies in Atlanta such as TechStars.
It is not just blockchain-based companies that are promoting the technology in this area either. Several other large corporations are starting to experiment with blockchain in their work. These Atlanta-based companies include Coca-Cola, UPS, and State Farm.
All of these companies are making great steps towards shaping Atlanta to be the next major blockchain hub.
Atlanta has recently been dubbed ‘Transaction Alley’ due to the number of payment processing companies located there, such as WorldPay, Global Payments, and First Data. 70% of all global payment transactions pass through the large company headquarters in Metro Atlanta.
These conditions make Atlanta a prime spot for fintech start-ups and blockchain companies to innovate and grow. The city is becoming the unsung hero for all new global financial technologies.
However, this information has increased the chances of Atlanta-based companies being hacked. The large volumes of transactions occurring and the huge amount of data passing through the city has attracted hackers from around the globe.
In the past, the city has experienced two of the largest data breaches known in history. One of these was the Equifax breach in 2017 that cost over $400 million in lawsuits. Hackers stole a massive 146 million names, dates of birth, and addresses, not to mention the 209,000 credit cards and 97,500 tax ID numbers stolen. This data breach affected nearly half of the American population. However, since then, the city has upped its collective security, and blockchain has definitely had a role to play in that. With blockchain technology being decentralised, it makes it incredibly hard and sometimes impossible for hackers to attempt to steal data and information.
The future of Atlanta
If the city carries on expanding these different departments and increasing the knowledge of those in the area, it will certainly stand out as a competitor to be the next global financial hub for all blockchain innovations.