Shanghai authorities have published a set of measures aimed at accelerating the development of blockchain technology in the city until 2025.
According to the plan, the metropolis intends to achieve breakthroughs in the following areas:
security;
cryptographic algorithms;
specific to DLT processors;
smart contracts;
cross-chain bridges;
data storage;
privacy-focused solutions;
regulation.
These developments will provide the basis for the creation of a blockchain core service platform and the development of key industries. The latter include municipal governance, cross-border trade, supply chains, finance, metaverses and the circulation of data elements.
The use of ZKP solutions will improve general protocols for protecting against disclosure of information.
In particular, it is stated that their efficiency will be twice as high as that of Plonk.
The authorities expect to attract talent from the blockchain industry, including from abroad.
“[We] will support the efforts of universities, research institutes and companies to develop young professionals, create interdisciplinary and cross-industry platforms,” the document says.
Although China banned all cryptocurrency transactions in September 2021, the country remains bullish on the underlying technology.
In May 2023, the Beijing Municipal Science and Technology Commission published the White Paper on Web3 Innovation and Development (2023). According to the document, the capital of the People’s Republic of China plans to become an international innovation center for the digital economy.
At the same time, Nanjing, China launched a “platform for innovative blockchain technologies and applications” aimed at promoting and developing metaverses.
That same month, authorities in Zhengzhou in Henan Province published a project to launch a hub for startups focused on virtual worlds. As part of the initiative, a special fund of 10 billion yuan ($1.42 billion) will be created for the development of the industry.
Let us recall that the authorities of the Chinese province of Sichuan estimated the metaverse market at $34 billion by 2024. They announced the creation of industrial parks to house companies related to virtual worlds.