Shanghai Charts a Course Towards a 2025 Blockchain Future
Shanghai unveils a plan for robust blockchain development by 2025, emphasizing technological advancements, applications in various sectors, and talent cultivation.
- Shanghai unveils a “special action” plan targeting robust blockchain development by 2025.
- Focus on technological breakthroughs in cryptographic algorithms, smart contracts, and more.
- Aiming to bolster blockchain applications in government, finance, and the metaverse.
- Shanghai’s educational institutions to nurture blockchain talent, seeking to attract global blockchain entities.
The metropolis of Shanghai steps boldly into the future, issuing a detailed “special action” plan that aims to hasten blockchain development, with a primary focus on high-level research and technological evolution. As revealed by the Science and Technology Commission of Shanghai Municipality (STCSM), 2025 has been spotlighted as the tentative year to realize a suite of ambitious blockchain-related goals.
🚨 Breaking News 🚨
🇨🇳 Shanghai is making massive investment in blockchain infrastructure! This coming after Shanghai courts recognize #Bitcoin as legal digital assets! CCP approve Bitcoin soon? 😎
— Seth (@seth_fin) October 2, 2023
Technological Strides to be Made
Peering through the lens of technological innovation, Shanghai sets its sights on achieving noteworthy technological breakthroughs in various facets of blockchain technology, including cryptographic algorithms, smart contracts, cross-chain protocols, and blockchain-dedicated processors. Furthermore, city administrators have underscored that these developments will pivotally buttress a world-class Web3 infrastructure, placing a significant emphasis on “global influence.”
The innovative strides in blockchain are projected to elevate its applications across numerous domains, including government operations, cross-border trade, the burgeoning metaverse, and the finance sector. “By 2025, the efficiency of zero-knowledge proof algorithm proof generation would be improved twice compared to similar international protocols like Plonk,” notes the strategic document.
The road to this technical pinnacle will be traversed through a three-pronged strategy. This encompasses the crafting of a novel system architecture interweaving software and hardware innovations, meticulous resource scheduling and management, and a commitment to “trust enhancement” which will delve into developing “quantum-resistant provable security” while also enhancing the privacy protection capabilities inherent in blockchain technology.
Concomitant with technological advancement, the blueprint unveils Shanghai’s intent to immerse itself in deepening the local talent pool in blockchain technology. The strategy outlines that educational institutions across the city will prioritise cultivating blockchain talent, which could potentially serve as a magnet for global blockchain enterprises to establish operations within the city.
Shanghai, having rolled out a previous blockchain implementation plan in August, is no novice to blockchain integration. Endeavouring to refine its digital economy, the city explores novel applications of blockchain in several spheres, including transport, tourism, and finance, while also targeting a hefty $7 billion return on its metaverse investments.
Shanghai’s unyielding push towards a blockchain-forward future by 2025 signals an unwavering belief in the technology’s transformative potential, particularly in ushering a Web 3.0 revolution. The city’s vision of creating a fusion of technological breakthroughs, advanced applications across diverse sectors, and nurturing a potent talent pool presents a holistic approach towards building a robust blockchain ecosystem.
However, the pathway towards these ambitious goals is fraught with technical, regulatory, and developmental challenges that will require a balanced combination of strategic planning, regulatory framework, and international collaboration. Shanghai’s journey in this endeavour will undeniably be a fascinating trajectory to observe, potentially serving as a blueprint for other cities navigating the entwining paths of technological advancement and blockchain integration.