Blockchain has been a strong bet for China. The city of Shanghai announced this Monday that it is developing a plan to implement its own urban digital infrastructure system based on the use of this technology. The official announcement states that the project was strategically formulated to promote digital transformation in areas such as economy, urban governance and public services.
In this way, the proposal is that digital transaction recording technology be implemented with greater emphasis on municipal activities and local industry. The plan explains that “advances have been made in the core blockchain technology and standards system construction, leading to the formation of an industrial ecology with strong innovation dynamism and the cultivation of a group of leading and innovative companies with influence in the industry”.
Investments in the Metaverse
The Shanghai announcement also includes a project to contribute to the coordination of resources for the existing blockchain network in the Yangtze River Delta region.. For that, the proposal is to create an international exchange hub through the use of blockchain technology. With all this, Shanghai's forecast is that the plan will be implemented within two years.
Nonetheless, China has been focusing on implementing emerging technologies for a long time. Aiming to promote blockchain research and development across the country, Nanjing, capital of Jiangsu Province, introduced the “Metaverse Technology and Applications Innovation Platform” in May this year. At the same time, Zhengzhou also released different proposals to support the operations of companies participating in the metaverse in its region.
Digital currency
Beyond blockchain and the metaverse, China has also been working on other ways to promote digital transformation. Central bank digital currency, the Digital Yuan, has been developed and implemented in several Chinese cities. In July, the currency similar to the Brazilian Real Digital – still in development – was introduced into Jinan city bus route payments.
