Shanghai gov signs blockchain alliance with 6 banksShanghai, China’s largest city and a vital financial center, has ambitious plans to become a global leader in transitioning to digital-based economies by embracing blockchain technology.
According to a recent government report, the city intends to construct a comprehensive blockchain infrastructure by the end of 2025 to integrate with Hong Kong and Singapore for various applications such as digital assets, transportation, industrial internet-of-things, supply chain finance, and carbon management.
The strategy, developed by the Shanghai Municipal Commission of Economy and Informatization, outlines a comprehensive plan to leverage blockchain technology in the administration of municipal affairs, public services, and practical economic applications. Shanghai will build a specialized blockchain network and computing power clusters to facilitate this vision.
The move comes as part of Shanghai’s broader three-year strategy, unveiled in June 2023, to revitalize its industrial sectors using Web3 technology—a term encompassing blockchain, non-fungible currencies, and the metaverse. The city aims to lead the charge in adopting these transformative tools and reshaping its economy for the digital age.
While the report did not specify exact investment amounts, it’s evident that Shanghai is heavily invested in developing a thriving digital ecosystem that utilizes blockchain’s full potential. The city’s focus on blockchain technology is further exemplified by its recent plans to transform cultural and tourist metaverse initiatives into a robust $6.9 billion per year sector by 2025.
Shanghai’s aspirations are mirrored in other Chinese cities. Beijing, for instance, established what it calls “the country’s first megacity government blockchain infrastructure” in January 2023, centralizing data from more than 80 local government agencies. The capital city has also taken steps to explore blockchain’s commercial applications by opening a dedicated research center.
The race to harness blockchain technology reflects China’s broader push toward digital transformation and technological leadership. By embracing blockchain and Web3 technology, Shanghai and other cities in China are positioning themselves at the forefront of a digital revolution that has the potential to shape the future of various industries significantly.
As the government’s vision for a digital-based economy gathers momentum, there will undoubtedly be growing interest from investors, businesses, and innovators looking to capitalize on the blockchain boom. Shanghai’s ambitious plan sets the stage for a dynamic future, driving the city’s evolution as a thriving blockchain innovation hub with global implications.
Shanghai’s determination to become a global blockchain leader sends a strong message about China’s digital ambitions and commitment to embracing emerging technologies. As the city’s plans take shape and blockchain adoption accelerates, the impact on various sectors and industries is expected to be profound, propelling Shanghai into an era of digital dominance.
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