Shanghai Aims To Become Global Blockchain Hub By 2025

Shanghai unveiled a comprehensive strategy to advance its blockchain technology capabilities through 2025.

The city's initiative encompasses a range of areas, including blockchain system security, cryptographic techniques, smart contracts and more.

The local government believes these advancements will bolster various sectors, including government operations, finance and the metaverse, The Block reported.

In the realm of digital advancements, it's worth noting Benzinga's Future of Digital Assets conference on Nov. 14 will delve into the future trajectories of such technologies.

The Shanghai initiative underscores the importance of these discussions, as the city also emphasizes the enhancement of zero-knowledge-proof protocols.

The government set an ambitious target: "By 2025, the efficiency of zero-knowledge proof algorithm proof generation would be improved by 2 times compared to similar international protocols like Plonk," as stated in its release.

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Furthermore, Shanghai is keen on fostering a new generation of blockchain experts.

The plan encourages institutions and businesses to leverage international talent standards to recruit in this field. The city's vision includes guiding educational and research entities to nurture young blockchain enthusiasts, providing them with platforms for growth and leadership opportunities.

Shanghai's blockchain aspirations are not new.

Earlier in June, the city expressed its intent to enhance its blockchain infrastructure and even hinted at potential collaborations with international cities like Hong Kong and Singapore.

Despite China's stringent stance on cryptocurrency, the nation remains optimistic about domestic blockchain innovations.

Major Chinese corporations, including Alibaba and Tencent, are actively exploring consortium blockchains.

China's broader vision for digital evolution is evident in its recent actions.

Beijing, for instance, recently introduced a white paper focusing on the innovation of the Web 3.0 sector, aiming to establish the city as a global epicenter for the digital economy.

Additionally, provinces like Sichuan and Shandong are investing heavily in the metaverse, with both regions setting robust financial goals for 2025.

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