On 27 September 2023, the Shanghai municipal government announced a new plan to support the technical development of blockchain in the city by the end of 2025. The motive is to enhance activities related to trade and engage individuals in the Metaverse. The city released its action plan for the same.
Shanghai’s Complete Plan
The world is evolving continuously and to be recognized and competitive, it is important to come up with new inventions and innovations. Shanghai, one of the popular cities of China, decided to sustain its powerful position in the advancing world.
The Shanghai municipal government revealed an action plan to boost the technological development of blockchain in the city by the end of 2025. The only motive of the city is to become a key leader in the field of technology and science. As Blockchain is one of the leading technologies at present, the city focused on the same for goal attainment.
Exploring the plan, Shanghai decided to achieve breakthroughs in the sector of cryptographic algorithms, blockchain security systems, smart contracts, storage, blockchain-specific processors, privacy computing, and regulations. All these details come from the office of the Shanghai municipal government.
The city is continuously working with Web3 drive and is expecting to become a key leader in the marketplace. Development and advancement in such technologies thus offer high-level support for the construction of the municipal blockchain basic service platform as well as the growth of government affairs. Other fields that benefit from the decision are trade, finance, metaverse, supply chain, and data element circulation.
The city also responded positively to the Zero-Knowledge proof technology and expected to address the issues related to efficiency and usability. In addition to this, the government also announced to enhance the performance of Zero-Knowledge proof protocols.
The plan is assumed to be achieved by the end of 2025 for which the Shanghai municipal government decided to guide research institutes, universities, and companies working in the technological space. Doing this will attract young blockchain talents and cross-industry for exchange and growth opportunities.
The Blockchain Journey of Shanghai
The Chinese city is not new in the game and outlined many plans previously, mainly in the field of blockchain development.
Despite the banning of cryptocurrency in the Chinese market, Shanghai is considered one of the key players in the market. In June, the Shanghai government revealed a plan that aims to enhance the blockchain infrastructure by the end of 2025, in partnership with Hong Kong and Singapore.
In addition, Shanghai also partnered with Chinese tech giants including Tencent and Alibaba to focus on the development of their own consortium blockchains.
The way Shanghai is moving towards technology and advancement, the city is going to bring something new, innovative, and effective to the world soon.
Conclusion
Shanghai’s municipal government announced a new plan to achieve blockchain breakthroughs by the end of 2025. Enhanced efficiency, infrastructure, and blockchain performance are going to support trade, finance, metaverse, supply chain, and data element circulation. The main areas of focus are cryptographic algorithms, blockchain security systems, smart contracts, storage, blockchain-specific processors, and privacy computing and regulations.
Nancy J. Allen is a crypto enthusiast and believes that cryptocurrencies inspire people to be their own banks and step aside from traditional monetary exchange systems. She is also intrigued by blockchain technology and its functioning.
Source: https://www.thecoinrepublic.com/2023/10/01/shanghai-to-support-metaverse-and-trade-publishes-blockchain/