Shanghai authorities published a comprehensive set of measures aimed at accelerating the development of blockchain technology in the city by 2025.
Under the plan, the metropolis aims to achieve breakthroughs in the fields of:
- security;
- cryptographic algorithms;
- processors specific to DLT-processors;
- smart contracts;
- cross-chain bridges;
- data storage;
- privacy-focused solutions;
- regulation.
The aforementioned developments will provide the foundation for building a platform of core blockchain services and for developing key industries. Among the latter are municipal governance, cross-border trade, supply chains, finance, metaverses, and the circulation of data elements.
The use of ZKP-solutions will enhance the overall protocols for protecting against information leakage.
In particular, it is claimed that their efficiency will be twice that of Plonk.
The authorities aim to attract blockchain-industry talent, including from abroad.
“We will support universities, research institutes and companies in developing young professionals and in creating interdisciplinary and cross-sector platforms,” the document says.
Although China banned all cryptocurrency transactions in September 2021, the country remains positive about the underlying technology.
In May 2023, the Beijing Municipal Commission on Science and Technology published the “White Paper on Web3 Innovation and Development” (2023). According to the document, the capital plans to become an international hub for the digital economy.
That same month, Nanjing launched the “Platform for Innovative Blockchain Technologies and Applications,” aimed at advancing and developing metaverses.
In the same month, Zhengzhou authorities in Henan province published a project to launch a hub for metaverse-oriented startups. Under the initiative, a special fund of 10 billion yuan ($1.42 billion) will be created to develop the industry.
Authorities in Sichuan province assessed the metaverse market to reach $34 billion by 2024. They announced the creation of industrial parks to house metaverse-related companies.