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China aims to build Blockchain digital infrastructure by 2025

China sets sights on 2025 to establish robust blockchain infrastructure, signalling ambitious digital transformation plans

Shashank Bhardwaj
Published: Aug 1, 2023 04:30:40 PM IST

China aims to build Blockchain digital infrastructure by 2025Image: Shutterstock

The city of Shanghai in China has unveiled a comprehensive implementation plan to develop its urban blockchain digital infrastructure system between 2023 and 2025. The announcement stated that this plan is a crucial part of Shanghai's strategic goal to transform itself digitally and enhance the application of blockchain technology in the economy, public services, and urban governance.

The plan is designed to capitalise on the breakthroughs achieved in blockchain core technology and standard system construction, which have created a thriving industrial ecosystem with significant innovation momentum. It is also expected to foster the growth of leading and innovative companies with influential roles in the industry.

The implementation plan is not limited to Shanghai alone. It aims to facilitate the coordination of blockchain network resources across the Yangtze River Delta region in China. Additionally, it seeks to establish an international blockchain exchange hub, signalling the city's ambitions to become a global leader in the blockchain space.

China's push to develop its blockchain infrastructure is part of a broader vision to explore the potential of blockchain technology and its integration into various sectors of the real economy. The plan emphasises the importance of rapid on-chain and cross-chain deployment capabilities to fuel the growth of Shanghai's technological expertise.

The move comes amidst heightened geopolitical tensions between China and the United States, with technology and crypto emerging as significant battlegrounds. While China has already demonstrated its dominance in crypto, with Chinese-affiliated exchanges leading global trading, the U.S. must catch up due to regulatory uncertainties and its limited presence in the crypto exchange market.

Shanghai's plan reflects China's determination to assert itself as a leader in technological innovation and economic leadership on the global stage. The country's success in rolling out its central bank digital currency, the e-Yuan, further solidifies its position as a frontrunner in the digital currency space.

China's assertive approach to blockchain development and its ambitious plans for technological innovation signify more than just a pursuit of technological advancement. It represents a strategic move in geopolitics and international competition, potentially redefining the balance of power on a global scale.

With blockchain technology advancing rapidly, China's ambitious plan has the capacity to transform multiple industries and shape the future of global economic and technological landscapes.

The writer is the founder at yMedia. He ventured into crypto in 2013 and is an ETH maximalist. Twitter: @bhardwajshash