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Shanghai Unveils Blockchain Digital Infrastructure Development 

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The largest city in China, Shanghai, has released a framework for a five-year development plan on blockchain infrastructure. 

The plan, covering the years 2023 to 2025, is aimed at strategically leveraging blockchain technology to drive Shanghai’s urban digital transformation and establish itself as a national blockchain innovation and development hub.

Guided by the Chinese philosophy of socialism, the government noted that the overall goal of the plan is to establish the “1+1+1+X” digital infrastructure system of the Pujiang Digital Chain by 2025. 

The system will provide fast on-chain and cross-chain deployment capabilities, facilitating government affairs, public services, and industrial applications, while also fostering a vibrant ecosystem of innovative companies.

To achieve this, the plan will focus on four main objectives. The first is to strengthen core technology innovation. 

Shanghai said it will encourage research in cutting-edge blockchain technology trends, such as cross-chain interoperability, security, and privacy computation, to achieve independent technological advancements. 

It also aims to enhance computing capabilities for the next-generation internet system and promote the use of blockchain in various sectors.

The second objective is to pioneer blockchain integration in areas such as government affairs, public services, and data circulation. 

By leveraging blockchain’s trust and transparency, the government will promote the use of blockchain in areas like supply chain finance, cross-border trade, and energy conservation, contributing to the realization of its 2025 carbon peak target.

Thirdly, it wants to facilitate the collaborative development of industrial ecosystems. Details of the plan reveal that Shanghai is poised to establish a collaborative ecosystem by encouraging industry-leading enterprises to adopt blockchain technology. 

It will also support the establishment of blockchain innovation parks and foster cross-chain interoperability and collaboration between government and business entities.

Lastly, Shanghai wants to establish a robust security system. To ensure the secure and efficient development of the blockchain infrastructure, the plan emphasizes the need for stringent monitoring, risk assessment, and a robust security management system. 

Shanghai will also actively participate in global cooperation to set blockchain standards which have started in Europe with the implementation of MiCA.

In addition, while the plan is set to have a far-reaching impact on Shanghai’s digital transformation, making it a globally influential international digital capital, the government will allocate specialized funds to support the implementation of the plan, attracting top-tier talent and promoting cross-industry collaborations.

Read also; UK and Singapore join forces to set global crypto standards and explore CBDCs

 

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