Shanghai Announces Blockchain Applications for Key Sectors

Shanghai has launched new blockchain applications on October 19, focusing on shipping, trade, finance, and social governance, positioning the city as a digital economy hub.

This initiative supports the Belt and Road Initiative and aims to attract digital innovation companies, impacting Ethereum and DeFi markets.

Shanghai Targets Finance and Shipping with Blockchain Initiatives

Shanghai’s government has introduced new blockchain applications, focusing on sectors like shipping and trade, finance, and social governance. These efforts are part of an overarching strategy to bolster the city’s position as a leader in digital economy initiatives. Weng Yicong, Deputy Director of the Shanghai Municipal Data Bureau, emphasized the establishment of a digital business enterprise incubation pool, which seeks to attract and support benchmark companies in blockchain innovation.

The blockchain applications do not specify direct funding allocations but emphasize incubation and growth of digital business. This focus may attract local blockchain startups and digital innovation companies, potentially stimulating economic growth and industry advancement in related sectors.

“The bureau is establishing a digital business enterprise incubation pool…strengthening multi-dimensional data security, scenario provision, and investment and financing services…to support a group of benchmark companies. The bureau hopes to attract more outstanding digital innovation companies to join the blockchain ecosystem and jointly create the ‘dividends of the era’ of the digital economy.” — Weng Yicong, Deputy Director, Shanghai Municipal Data Bureau

Shanghai’s Blockchain Role Strengthens Amid Global Initiatives

Did you know? Over the past decade, Shanghai has frequently hosted international blockchain summits, enhancing its role as a central hub for blockchain development in finance and trade sectors.

Ethereum’s current price is $4,003.65, with a market cap of formatNumber(471461809603.85, 2). Ethereum’s value experienced a 3.23% rise over 24 hours and a 5.78% increase over the past 90 days, according to CoinMarketCap data.

Coincu’s research team suggests that Shanghai’s blockchain initiatives could lead to enhanced public-private partnerships, trend-setting regulatory frameworks, and increased institutional reliance on digital technologies. The focus on incubating blockchain companies could have long-term implications for both local and global industries, as noted in blockchain news in China.