In a recent announcement, Shanghai unveils an intricate strategy. This strategy is designed to propel the technological evolution of blockchain within the city until the year 2025. It is a testament to Shanghai’s steadfast dedication to advancing web3 technology.
As outlined in the blueprint, Shanghai aims to achieve breakthroughs in various facets of blockchain technology. These encompass system security, cryptographic algorithms, dedicated blockchain processors, smart contracts, inter-blockchain compatibility, data storage, confidential computation, and regulatory frameworks.
This comprehensive initiative is under the leadership of the municipal government of Shanghai, as confirmed by an official statement.
Furthermore, these technological advancements are set to form the foundation of the municipal blockchain service framework. Interestingly, they will play a substantial role in crucial sectors such as government operations, international trade, supply chain management, financial services, the metaverse, and data flow. This is detailed in the official communication.
Moreover, the Shanghai administration has committed to supporting the advancement of zero-knowledge proofs. To enhance efficiency and user-friendliness in this field, the city plans to improve conventional zero-knowledge proof protocols, as stated in the official announcement.
Shanghai Unveils Vision for Blockchain Advancement
By the year 2025, the Shanghai government anticipates a twofold enhancement in the efficiency of zero-knowledge proof algorithm generation. This improvement is expected to surpass international benchmarks, including Plonk, as stated by the government.
Furthermore, the government harbors aspirations to cultivate a dedicated workforce for the burgeoning blockchain sector. In this context, the plan encourages research institutions and enterprises to leverage the nation’s criteria for recognizing foreign talent to recruit blockchain experts in Shanghai.
[We] will also steer educational institutions, research centers, and corporations towards intensifying their endeavors in nurturing emerging talents in the blockchain domain, fostering interdisciplinary and cross-sector platforms for collaboration and growth opportunities, and empowering young visionaries to assume pivotal roles and emerge as trailblazers, the strategy outlines.
Shanghai’s recent move is not the first time the city has unveiled its plans for blockchain development. Back in June, the municipal government released a document with aspirations to improve blockchain infrastructure by 2025. Additionally, they aimed to explore partnerships with Hong Kong and Singapore to experiment with cross-chain applications.
China’s Resilience in Blockchain and Digital Innovation
However, despite the cryptocurrency transaction ban enacted by China in September 2021, the country continues to strongly endorse its homegrown blockchain technology and digital economies. Notably, leading Chinese tech giants such as Alibaba and Tencent are dedicated to progressing their consortium blockchains.
Moreover, in May, Beijing unveiled a white paper with the aim of fostering innovation and progress within the Web 3.0 sector. The government is determined to position Beijing as a global epicenter for innovation in the digital economy.
In recent developments, the Sichuan province has introduced an initial action plan to expand its metaverse industry. Their goal is to achieve a market valuation of 250 billion yuan ($34.4 billion) by 2025. Similarly, Shandong aims to reach a 150 billion yuan ($20.5 billion) market size for its metaverse projects by 2025.