Shanghai, China’s largest city and largest financial center, plans to build blockchain infrastructure by the end of 2025 and build connections with Hong Kong and Singapore for applications in areas such as digital assets, transportation, industrial Internet of Things, supply chain finance, and carbon management, it said in a government report released on Monday. The report did not provide information on the amounts to be invested.
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- The Shanghai plan includes building a blockchain network and dedicated computing power clusters that will support the city’s blockchain ambitions in managing local government affairs, public services and real-world economic applications.
- According to the plan drawn up by the Shanghai Municipal Commission of Economy and Informatization, Shanghai aims to be a world leader in the transition to a digital-based economy.
- It follows other city-released technologies related to Web3 technologies or those required to evolve the internet into a network based on blockchains, non-fungible tokens, and the metaverse.
- In June 2023, Shanghai released a three-year plan to modernize the city’s manufacturing industry using Web3 technologies. Later in July, the city set a goal to grow its culture and tourism metaverse projects into a $6.9 billion annual revenue industry by the end of 2025.
- Other cities in China have also announced blockchain ambitions. The capital, Beijing, launched what it called “the country’s first metropolitan government blockchain infrastructure” in January 2023 to pool data from more than 80 local government agencies onto a blockchain network. The city also established a national blockchain research center in May to study the industrial use of blockchain technology.
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