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 <p class="is-style-lead">Shanghai has unveiled a comprehensive action plan designed to accelerate blockchain’s technical development within the city by 2025. </p> 
 <p>This initiative is part of Shanghai’s broader push to advance web3 technologies and aligns with China’s ongoing support for domestic blockchain solutions, despite the crypto ban implemented last year.</p> 
 <p>According to a Sep. 27 statement from the Shanghai municipal government, the plan focuses on achieving significant progress in several facets of <a rel="dofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> technology. </p> 
 <p>These areas encompass system security, cryptographic algorithms, blockchain-specific processors, smart contracts, cross-chain functionalities, storage solutions, privacy computing, and regulatory frameworks.</p> 
 <p>The city aims to leverage these technological advancements to bolster various key sectors, including government affairs, cross-border trade, supply chain management, finance, the metaverse, and data element circulation.</p> 
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 <p>One noteworthy objective involves the development of zero-knowledge proofs, a cryptographic technique enabling one party to validate a statement’s authenticity without revealing specific information about the statement itself. </p> 
 <p>Shanghai intends to enhance the performance of general zero-knowledge-proof protocols, striving for increased efficiency and usability.</p> 
 <p>In addition to technological advancements, the Shanghai government is placing a strong emphasis on human capital. </p> 
 <p>The plan encourages research institutes and companies to use China’s foreign talent recognition standards for recruiting blockchain professionals. </p> 
 <p>Furthermore, it seeks to guide educational institutions and companies in nurturing young talent in the blockchain sector. The plan outlines the creation of interdisciplinary and cross-industry platforms to foster talent development and exchange opportunities.</p> 
 <h2 class="wp-block-heading" id="china-s-quest-for-blockchain-dominance">China’s quest for blockchain dominance</h2> 
 <p>This isn’t Shanghai’s first foray into <a rel="dofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> <a rel="dofollow" title="development" href="https://thebittimes.com/tag/development.html">development</a>. </p> 
 <p>In June, the city released a document outlining its intention to improve blockchain infrastructure by 2025. It also expressed interest in establishing links with Hong Kong and Singapore to test cross-chain applications.</p> 
 <p>Despite China’s stringent measures against cryptocurrency trans<a rel="dofollow" title="action" href="https://thebittimes.com/tag/action.html">action</a>s in September 2021, the nation still holds a positive outlook on the potential of domestic <a rel="dofollow" title="blockchain" href="https://thebittimes.com/tag/blockchain.html">blockchain</a> technology. </p> 
 <p>Leading Chinese tech giants such as Alibaba and Tencent are deeply engaged in crafting their own consortium blockchains.</p> 
 <p>In May, Beijing published a white paper with a focus on fostering growth and innovation in web3. The aim is to make the city a global epicenter for digital economic advancements.</p> 
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<p>Source: <a rel="dofollow" target="_blank" href="https://thebittimes.com/shanghai-unveils-action-plan-to-accelerate-blockchain-development-tbt64190.html">https://thebittimes.com/shanghai-unveils-action-plan-to-accelerate-blockchain-development-tbt64190.html</a></p>

Shanghai unveils action plan to accelerate blockchain development

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