Shanghai Blockchain To Support Trade, Metaverse
Shanghai has announced an action plan to increase blockchain technology development in the city until 2025, as the Chinese metropolis continues its web3 campaign.
According to the Shanghai city administration, the strategy calls for advancements in blockchain system security, cryptographic algorithms, blockchain-specific processors, smart contracts, cross-chain, storage, privacy computing, and governance.
Such technological advancements can help with the development of the municipal blockchain basic service platform as well as crucial areas such as government affairs, cross-border trade, supply chain, finance, metaverse, and data element circulation, according to the statement.
The Shanghai government will also try to encourage the development of zero-knowledge proofs. To meet the demand for greater efficiency and usability in the space, the city intends to improve the performance of general zero-knowledge proof protocols, according to the statement.
(With inputs from Shikha Singh)
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