May 8, 2024
By Sharan Kaur Phillora
In a strategic move to enhance its status as a leading financial and technological powerhouse, Shanghai announced an initiative on Monday to establish a comprehensive blockchain infrastructure by 2025. This development aims to bolster collaboration with prominent Asian financial hubs Hong Kong and Singapore.
Here’s what we know:
The plan, detailed by the Shanghai Municipal Commission of Economy and Informatization, does not specify investment amounts but lays out a robust framework for blockchain integration across critical sectors such as digital assets, supply chain finance, transportation, industrial IoT, and carbon management.
Under this scheme, Shanghai will build specialized blockchain networks and computing clusters to facilitate blockchain applications in vital areas including local government operations, public services, and economic activities. This effort aligns with the city’s broader goal to spearhead the shift toward digital economies globally.
Shanghai’s commitment to embracing Web3 technologies, which include advancements like blockchains, non-fungible tokens (NFTs), and metaverse applications, has been evident through its recent initiatives. Earlier in June 2023, the city launched a three-year plan to revamp its manufacturing sector with Web3 solutions. Following this, in July, it aimed to generate a substantial revenue of US$6.9 billion annually by the end of 2025 from its culture and tourism metaverse endeavors.
This latest initiative not only strengthens Shanghai’s position as a frontrunner in blockchain innovation but also sets the stage for significant economic transformations in the region. The collaboration with Hong Kong and Singapore is expected to create a tripartite powerhouse, driving the future of blockchain technology and digital economy in Asia and beyond.
About the author
Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.
