Shanghai Vision: Blockchain and Digital Innovation Strategies for Various Industries Revealed

The government of Shanghai has taken a momentous stride in embracing transformative technologies by recently releasing guidelines aimed at fostering the adoption of blockchain, the digital yuan, and the metaverse across various industries.

Shanghai Vision: Blockchain and Digital Innovation Strategies for Various Industries Revealed

This strategic move aligns with China’s overarching objective of integrating blockchain to achieve cost efficiencies in real-world sectors. The comprehensive plan envisions the development of blockchain-based platforms for commodity production, supply, and trading, as well as e-commerce platforms focusing on industrial products. Additionally, the guidelines seek to expedite the digital transformation of legacy industries by harnessing the potential of blockchain technology.

The guidelines outline key use cases that include the implementation of blockchain and Internet of Things (IoT) technologies to effectively manage carbon emissions and the creation of a blockchain-based platform tailored for the automotive industry. Ge Dongbo, Chief Engineer at the Shanghai Municipal Commission of Economy and Informatization, articulated these initiatives in a recent press release, emphasizing the city’s commitment to driving technological advancement.

The report titled “Guidelines on the High-Quality Development of Manufacturing Internet Service Platforms” classifies blockchain as a core technology alongside artificial intelligence (AI), big data, IoT, and the mobile web. This signifies Shanghai’s emphasis on propelling its manufacturing internet service platforms forward through cutting-edge technologies. Moreover, the Shanghai Clearing House, a prominent counterparty and clearing company in Asia, has recently introduced support for operations and settlements using the digital yuan, the Chinese central bank digital currency (CBDC). Customers can now settle bulk commodity payments with the digital yuan, streamlining the process and enhancing overall efficiency.