After establishing a hub for blockchain development, Shanghai authorities plan to apply distributed ledger technology to develop the Internet of Things, optimize and finance supply chains, manage CO2 emissions and leverage digital assets. It is not yet known how much Shanghai plans to invest in the blockchain center.
Meanwhile, it plans to build infrastructure for decentralized networks to operate. Separate computing clusters will be allocated for this purpose. Authorities hope Shanghai will become a leader in the direction of blockchain, which in turn will help shift the city’s economy to digital.
Back in the summer of last year, Shanghai authorities took notice of the potential of Web3 and metavillages. At the time, the city announced plans to invest $52 billion in the metavillage industry.