Shanghai to use blockchain and metaverse to boost key sectors

28 Jul 2023

Shanghai’s government has published plans to boost certain sectors using blockchain, the metaverse and the digital Yuan.

Entitled “Guidelines on the High-Quality Development of Manufacturing Internet Service Platforms,” the plans focus on the development of key sectors, bolstering the management of operations and protection of the environment.

Shanghai is eager to form a suite of blockchain-based platforms for trading commodities, CoinGeek reports.

The main beneficiaries of the plans include legacy industries such as the automotive sector. Blockchain technology could be utilised to authenticate car parts, track vehicles and offer a range of financial applications.

The blueprint also aims to create a carbon accounting system to boost the current carbon trading system, as well as a monitoring and statistics system using the blockchain.

Furthermore, embracing the digital Yuan can increase the use of e-commerce service platforms for industrial products whilst also opening new credit lines to residents, the report adds. Whereas in regard to the metaverse, Shanghai will increase the application of metaverse investment from culture and tourism to legacy industries.

Moreover, the government’s blueprint also comprises a plan to boost the available blockchain and metaverse talent in the city for businesses working with these technologies. Courses on blockchain will be introduced in colleges and universities in Shanghai to “carry out customised training for productive internet service platform application talents.”

In addition, a drive towards standardisation is also included, with the government highlighting plans to “encourage and guide” businesses to set uniform regulations.

As it stands, Shanghai is currently seeking to gain $7 billion from metaverse investments within the tourism sector. A five-year plan was unveiled last year that showcases the city’s strategy to use innovative technologies for economic growth.