The Chinese city of Shanghai has published a “special action” plan to speed up blockchain development, focusing most of its effort on high-level research.
The document, drawn up by the Science and Technology Commission of Shanghai Municipality (STCSM), targets 2025 as a tentative date to achieve its ambitious goals. Under the blueprint, Shanghai is eyeing significant technological breakthroughs in blockchain, specifically in cryptographic algorithms, smart contracts, cross-chain, and blockchain-specific processors.
Shanghai’s administrators say developments will play a central role in supporting a world-class Web3 infrastructure with an eye on “global influence. The document disclosed that the breakthroughs will improve blockchain applications in government operations, cross-border trade, metaverse, and finance.
By 2025, the efficiency of zero-knowledge proof algorithm proof generation would be improved twice compared to similar international protocols like Plonk,” said the document.
To achieve technical advancement, Shanghai’s special action plan will proceed via three prongs. The first is the development of a new system architecture involving software and hardware innovation, while the second is resource scheduling, management, and control.
The last arm of the plan is “trust enhancement” and will focus on developing “quantum-resistant provable security” and improving privacy protection capabilities for blockchain.
Given the importance of workforce development, Shanghai’s blueprint indicates plans to deepen the local blockchain talent pool. The city says that schools and universities in the region will focus on developing blockchain talent that could have the net effect of luring global blockchain firms to set up operations in Shanghai.
“[We] will also guide universities, research institutes, and companies to step up their efforts in cultivating young blockchain talents, creating interdisciplinary and cross-industry platforms for exchange and development opportunities, and supporting young talents to take on significant roles and become key figures,” read the plan.
Blockchain and Shanghai—two peas in a pod
After rolling out an implementation plan in August, Shanghai is no stranger to blockchain integration. Using blockchain, Shanghai plans to improve its digital economy, finding new transport, tourism, and finance applications.
The city is eying a $7 billion return on its metaverse investment, with pundits saying that Shanghai is well on its way to being the leading blockchain hub in Mainland China. Other Chinese cities like Beijing and Nanjing have unveiled their blueprints to integrate the technology in different sectors of their local economies.
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