Chinese city to implement blockchain digital infrastructure system by 2025

Chinese city to implement blockchain digital infrastructure system by 2025

The Rise of Blockchain in China: Shanghai’s Urban Digital Infrastructure System

Blockchain technology has been making significant strides in various industries all around the world. As its potential becomes increasingly recognized, governments are starting to harness the power of blockchain to drive digital transformation and improve efficiency. One such government adopting blockchain is the Chinese city of Shanghai, which recently issued an implementation plan to promote the development of its urban blockchain digital infrastructure system.

On July 31, the government of Shanghai unveiled its strategic plan for the years 2023-2025, outlining the goals and objectives of its urban digital transformation. The plan places a strong emphasis on the application of blockchain technology in the economy, public services, and urban governance. Shanghai aims to leverage blockchain’s capabilities to strengthen its digital infrastructure and become a leader in innovation and technology.

The announcement highlights the significant progress that has already been made in blockchain technology in Shanghai. Breakthroughs in blockchain core technology and the construction of a standard system have laid the foundation for an industrial ecology with strong innovation momentum. This development has also fostered the growth of leading and innovative companies with industry influence, further driving the advancement of blockchain in the city.

Upon the completion of the urban blockchain digital infrastructure system, Shanghai aims to utilize it to support various municipal affairs, public services, and applications across different industries. This comprehensive system will serve as a backbone for the city’s operations, facilitating seamless coordination and connectivity among different stakeholders.

Furthermore, Shanghai’s plan also includes the goal of leveraging blockchain to coordinate network resources in the Yangtze River Delta region. By creating a collaborative blockchain ecosystem, Shanghai aims to become an international blockchain exchange hub, fostering innovation, and attracting investment from around the world.

China has been actively exploring and implementing emerging technologies in its cities. Alongside blockchain, the country is also focusing on the development of the metaverse and central bank digital currency (CBDC), the digital yuan. This multi-faceted approach demonstrates the Chinese government’s commitment to digital transformation and technological leadership.

In May, the city of Nanjing introduced the China Metaverse Technology and Application Innovation Platform, aiming to advance metaverse research and development nationwide. Similarly, the city of Zhengzhou announced proposals to support metaverse companies in the region, demonstrating China’s focus on building a robust metaverse ecosystem.

Moreover, the deployment of the digital yuan has been accelerated in various cities across China. Jinan, for instance, recently introduced digital yuan payments on all its bus routes, encouraging its adoption and promoting digital transactions.

Shanghai’s embrace of blockchain technology aligns with China’s broader vision for economic growth and technological advancement. By leveraging blockchain’s capabilities, Shanghai is positioning itself as a leading hub for innovation, attracting investments and fostering the development of cutting-edge technologies.

In conclusion, the implementation plan for Shanghai’s urban blockchain digital infrastructure system reflects the city’s commitment to digital transformation and its recognition of blockchain as a key driver of growth. With its strategic goals and objectives, Shanghai aims to build a robust ecosystem that supports various industries, strengthens public services, and enhances urban governance. As blockchain technology continues to evolve and disrupt industries, China is taking significant steps to maintain its position at the forefront of innovation.

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