The so-called Blockchain revolution is fueling a technology boom inside Cayman Enterprise City.
CEO Charlie Kirkconnell said dozens of blockchain start-ups have set up a physical presence in the Special Economic Zone over the last six months.
“There’s been a very very steady flow of inbound inquiries, inbound companies over the last six months and we see that continuing,” said Mr. Kirkconnell.
He told Cayman 27 that increase is largely attributable to an influx of newly-founded blockchain development companies.
“I would say in the range of 30 to 40 new companies in the last six months that are actively developing applications that either make the blockchain more accessible or easier to use,” said Mr. Kirkconnell.
Now, what is Blockchain?
In the most basic terms, blockchain is decentralized, distributed, encrypted ledger technology which allows a network of users to keep a record of transactions. You’ve heard of the cryptocurrency Bitcoin; blockchain is the technology that makes it possible.”
Mr. Kirkconnelll said the wave of blockchain startups are primarily developing apps that utilize blockchain technology, or make it more accessible. Some pundits are comparing it to the internet gold rush of the 1990’s.
“Our view of it is that the technology and the concept is very very solid,” said Mr. Kirkconnell. “In the same way that the internet has become so integrated into anyone’s lives, it seems to us that the same thing, the potential for that to happen with blockchain is very real.”
Mr. Kirkconnelll told Cayman 27 nearly a quarter of the more than 200 businesses now operating in the Special Economic Zone are part of the blockchain boom.
“The majority of that we expect will be technology-based, technology-focused companies with the majority of those being companies that are doing something, some form of blockchain development and that’s where we see our future for 2018,” said Mr. Kirkconnell.
Many of these blockchain start-ups are in their very earliest stages.
Mr. Kirkconnell said some are starting out with just a little bit of code. He said these companies aim to develop that intellectual property here in a tax-neutral jurisdiction.