Shanghai Unveils Action Plan to Boost Blockchain Development
The city of Shanghai has released an action plan aimed at promoting the technical development of blockchain in the city by 2025. The plan outlines various areas where breakthroughs are sought, including blockchain system security, smart contracts, cross-chain technology, and privacy computing. These advancements will support the construction of a municipal blockchain service platform and facilitate development in sectors such as government affairs, finance, supply chain, and metaverse.
Additionally, the Shanghai government aims to enhance the efficiency and usability of zero-knowledge proofs by improving general zero-knowledge proof protocols. The goal is to double the efficiency of the proof generation algorithm by 2025 compared to international protocols like Plonk.
To nurture talent in the blockchain industry, the government encourages research institutes and companies to utilize foreign talent recognition standards for hiring blockchain professionals. It also emphasizes the importance of cultivating young talents through interdisciplinary platforms and supporting their growth into key figures.
China’s Commitment to Blockchain
Shanghai’s recent action plan is not its first initiative for blockchain development. In June, the city government released a document outlining plans to improve blockchain infrastructure and explore cross-chain applications with Hong Kong and Singapore.
Despite banning cryptocurrency transactions in September 2021, China remains enthusiastic about developing its own blockchain technology and digital economies. Chinese tech giants like Alibaba and Tencent are actively involved in creating consortium blockchains.
In line with this focus on digital innovation, Beijing released a white paper promoting the Web 3.0 industry in May, aiming to establish itself as a global innovation hub for the digital economy. Other provinces such as Sichuan and Shandong have also set ambitious goals for expanding their metaverse industries by 2025.
Hot Take: Shanghai’s Blockchain Action Plan Paves the Way for Technological Advancements
Shanghai’s comprehensive action plan to boost blockchain development demonstrates the city’s commitment to embracing emerging technologies. By prioritizing breakthroughs in key areas and supporting talent cultivation, Shanghai aims to become a leading hub for blockchain innovation. With China’s continued focus on developing its digital economy, the country is poised to make significant strides in the blockchain space. As Shanghai strives to achieve its goals by 2025, it sets an example for other regions looking to leverage blockchain for economic growth and technological advancement.
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