Shanghai to set up blockchain hub with links to Hong Kong and Singapore

03 Aug 2023

Shanghai is planning to construct a blockchain infrastructure by the end of 2025 and generate links with Hong Kong and Singapore for application in areas including transportation, digital assets, supply chain finance and carbon management, according to a government report.

The plans include setting up a blockchain network and computing power clusters to support Shanghai’s blockchain objectives in terms of managing real-world economy applications, local government affairs and public services, Forkast News reports.

China’s largest city and financial hub are planning to become a global leader in the move to digital-based economies, according to the plan proposed by the Shanghai Municipal Commission of Economy and Informatization.

This follows on from others published by Shanghai in relation to Web3 technologies and those required to advance the internet into a network founded on blockchains, the metaverse, and non-fungible tokens (NFTs).

In June this year, Shanghai unveiled a three-year plan to overhaul the manufacturing industries in the city utilising Web3 technologies. Subsequently, in July, the city set out plans to construct its culture and tourism metaverse projects into an industry generating an annual revenue of as much as $6.9 billion by the end of 2025, the Forkast News report goes on to add.

Furthermore, other Chinese cities have unveiled blockchain plans. Beijing launched “the country’s first megacity government blockchain infrastructure” in January this year to gather data from over 80 local government departments on a blockchain network.

In addition, the capital also established a national blockchain research centre back in May to look into industrial uses of blockchain technology.