Shanghai has revealed a thorough action plan in an effort to hasten the city’s adoption of blockchain technology by 2025.
In line with China’s continuous support for domestic blockchain solutions, despite the crypto prohibition enacted last year, this program is a part of Shanghai’s larger effort to foster web3 technologies.
According to a statement from the Shanghai municipal government on September 27, the strategy’s goal is to make substantial advancements in numerous areas of blockchain technology.
System security, cryptographic methods, processors designed specifically for blockchains, smart contracts, cross-chain functionality, storage options, privacy computing, and regulatory frameworks are all included in this list.
The city wants to use these technological developments to support several important industries, including cross-border trade, supply chain management, banking, the metaverse, and the movement of data elements.
The creation of zero-knowledge proofs, a cryptographic approach that enables one party to verify a statement’s authenticity without disclosing specific information about the statement itself, is one notable goal.
Shanghai plans to improve the functionality of universal zero-knowledge-proof protocols, aiming for better usability and efficiency. Along with technological developments, the Shanghai administration is emphasizing human capital heavily.
The strategy encourages businesses and research institutions to apply Chinese standards for recognizing foreign talent when hiring blockchain specialists.
Additionally, it aims to direct businesses and educational institutions to develop emerging talent in the blockchain industry. To promote chances for talent development and exchange, the plan calls for establishing multidisciplinary and cross-industry platforms.
China’s pursuit of blockchain supremacyShanghai has previously experimented with blockchain development. The city published a statement in June describing its plans to upgrade the blockchain infrastructure by 2025.
It also indicated a desire to collaborate with Singapore and Hong Kong to test cross-chain applications. China adopted strict regulations against cryptocurrency transactions in September 2021, but the country continues to believe in the advantages of homegrown blockchain technology.
Leading Chinese tech behemoths like Tencent and Alibaba are actively developing their own consortia blockchains. Beijing released a white paper in May emphasizing encouraging development and innovation in web3. The goal is to establish the city as the core of the worldwide advancement of digital economies.
