Shanghai Reveals Blockchain Initiatives for Trade, Metaverse, and Efficient Government Operations

Shanghai has released a plan outlining its blockchain development goals up to 2025 as part of its continued efforts to embrace web3 technologies.

Under this plan, Shanghai aims to achieve significant advancements in various aspects of blockchain technology. These include enhancing blockchain system security, developing cryptographic algorithms, creating specialized processors for blockchain, improving smart contracts, advancing cross-chain capabilities, upgrading storage solutions, enhancing privacy computing, and strengthening regulatory frameworks, according to a statement from the Shanghai municipal government.

These technological advancements are expected to support the construction of a municipal blockchain basic service platform and foster growth in critical sectors such as government services, cross-border trade, supply chain management, finance, the metaverse, and data element circulation.

Additionally, the city plans to promote the development of zero-knowledge proofs to improve efficiency and usability in the blockchain space.

The aim is to boost the performance of general zero-knowledge proof protocols, with a goal to double the efficiency of zero-knowledge proof algorithm proof generation compared to international protocols like Plonk by 2025.

Shanghai is also committed to nurturing talent in the blockchain industry. The plan encourages research institutes and companies to leverage foreign talent recognition standards to hire blockchain professionals in the city.

Moreover, it calls for the intensification of efforts to cultivate young blockchain talents, create interdisciplinary platforms for collaboration and development, and empower young talents to take on significant roles in the industry.

Shanghai’s dedication to blockchain development is not new. In June, the city government released a document with goals to enhance blockchain infrastructure and explore cross-chain applications in collaboration with Hong Kong and Singapore by 2025.

Despite China’s ban on cryptocurrency transactions in 2021, the country remains enthusiastic about domestic blockchain technology and digital economies.

Tech giants like Alibaba and Tencent are actively involved in the development of their consortium blockchains.

Furthermore, Beijing aims to position itself as a global innovation hub for the digital economy by promoting Web 3.0 industry innovation and development, as outlined in a white paper released in May.