China intends to develop the infrastructure for digital blockchains with its grand masterplan in the coming years. Shanghai, the commercial and technological center of China, is getting ready to alter the course of technology.
The Yangtze River Delta (YRD), which has Shanghai as its center and is made up of 26 other cities, is what the Pujiang Digital Chain seeks to integrate.
The city intends to construct an urban digital blockchain infrastructure between 2023 and 2025, according to an ambitious plan that was just announced on July 31, 2023.
“The “1+1+1+X” digital infrastructure system of Pujiang Digital Chain will be fully operational by 2025, offering quick on-chain and cross-chain deployment capabilities.
This system will strongly support the city’s government affairs, public services, and industry applications and propel the creation of several industry-level and city-level demonstration scenarios.” Stated on the original Shanghai Municipal People’s Government website.
Economy and Blockchain Infrastructure: Shanghai’s 2025 Vision:
This strategy goes beyond technology to encompass a bigger picture, a giant leap, and the city’s resolve to lead the blockchain revolution.
Shanghai wants to increase its technological power by fostering independent innovation in its core technologies.
Shanghai will introduce its blockchain infrastructure in 2025 as part of a strategy to promote the use of blockchain in the real economy.
It highlights the important developments in the city’s fundamental blockchain technologies and includes “rapid on-chain and cross-chain deployment capabilities.”
This is a tale of both international rivalry and technological progress. Blockchain technology and cryptocurrencies have become major battlegrounds as tensions between the US and China rise.
“Technological innovation has become a key battleground of the global playing field,” the Chinese President Xi Jinping stressed, adding that rivalry is escalating daily.
The e-Yuan, the digital currency issued by China’s central bank, was effectively introduced, and its use has since been extended to South America and other key regions.