Shanghai, one of China’s most vibrant and dynamic cities, has recently unveiled a “special action” plan to accelerate the development of blockchain technology. With a focus on high-level research, Shanghai aims to achieve significant breakthroughs in blockchain by 2025.
The plan, formulated by the Science and Technology Commission of Shanghai Municipality (STCSM), outlines several key areas of focus. These include cryptographic algorithms, smart contracts, cross-chain integration, and the development of blockchain-specific processors. The ultimate objective is to build a world-class Web3 infrastructure that will enhance global influence and improve blockchain applications in various sectors such as government operations, cross-border trade, metaverse, and finance.
One crucial aspect of the plan is the improvement of zero-knowledge proof algorithm proof generation efficiency. The document states that by 2025, this efficiency will be twice as high as similar international protocols like Plonk. This enhancement will contribute to the overall advancement of blockchain technology in Shanghai.
To achieve these goals, Shanghai’s special action plan will be executed through three prongs. The first prong revolves around the development of a new system architecture that involves both software and hardware innovation. The second prong focuses on resource scheduling, management, and control. Lastly, the plan prioritizes “trust enhancement,” which includes the development of quantum-resistant provable security and improved privacy protection capabilities for blockchain.
Recognizing the importance of a skilled workforce in driving technological advancements, Shanghai’s plan also highlights the need to deepen the local talent pool in blockchain. The city plans to work closely with schools and universities to cultivate young blockchain talents and create platforms for exchange and development opportunities. This strategy aims to attract global blockchain firms to establish operations in Shanghai.
Shanghai’s commitment to blockchain integration is not new. In August, the city unveiled an implementation plan to improve its digital economy using blockchain. The plan aimed to find new applications for blockchain in various sectors such as transportation, tourism, and finance. As part of this initiative, Shanghai is expecting a $7 billion return on its investment in the metaverse. With such ambitious goals and initiatives, Shanghai is on track to becoming the leading blockchain hub in Mainland China.
Other Chinese cities, including Beijing and Nanjing, have also revealed their blueprints to integrate blockchain technology into their local economies. It is evident that China recognizes the potential of blockchain and aims to leverage its capabilities for economic growth and technological advancement.
In conclusion, Shanghai’s “special action” plan to accelerate blockchain development demonstrates the city’s commitment to harnessing the potential of this transformative technology. By focusing on high-level research and technological breakthroughs, Shanghai aims to build a world-class Web3 infrastructure and improve blockchain applications in various sectors. With its ambitious goals and plans to cultivate blockchain talent, Shanghai is positioning itself as a formidable player in the global blockchain landscape.
