August 2, 2023
By Sharan Kaur Phillora
On July 31, the city of Shanghai, China’s technology and commercial hub, launched a comprehensive plan to advance its urban blockchain digital infrastructure system by 2025. This strategic move is aimed at transforming Shanghai’s urban digital environment and reinforcing blockchain’s role in the economy, public services, and governance.
Here’s what we know:
The implementation plan, with the long-winded title of “Shanghai City Promoting Urban Blockchain Digital Infrastructure System Project Implementation Plan (2023-2025),” aims to facilitate breakthroughs in blockchain technology and standards, fostering innovation and industry leadership. It will culminate in a fully operational “Pujiang Digital Chain” by 2025 that will support the city’s government affairs, public services, and various industrial applications.
This ambitious initiative will not only enhance the security of the city’s data infrastructure but also aid in large-scale blockchain applications. With an emphasis on traceability in trade and agriculture and putting government data on-chain, Shanghai seeks to become an international blockchain exchange hub.
Another key aspect of the plan is the integration of the Yangtze River Delta (YRD) region, a significant economic sector that contributed 20% of China’s GDP in 2018. The effort also aligns with China’s broader strategy to bolster various cities across the country with emerging technologies as the nation actively pushes for advancements in blockchain and the metaverse.
The Shanghai-based initiative is part of a bigger picture, with other cities like Nanjing and Zhengzhou also engaging in technology development. Notably, this move comes despite the Chinese mainland’s ban on crypto transactions since 2021, showing the government’s interest in non-cryptocurrency applications of blockchain technology.
This decisive step underlines Shanghai’s pride in its status as a tech hub and showcases China’s continuous efforts to integrate cutting-edge technology into its urban development, strengthening its position as a global leader in the blockchain arena.
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.
