Shanghai Govt Now Demands Neutral Blockchain Platform For Metaverse Apps

Key Points:

• Shanghai aims to promote the Metaverse and improve its technology through a credible blockchain platform, forming an internationally competitive innovation cluster.
• The initiative also aims to accelerate the construction of a globally influential science and technology innovation center.

The Shanghai government recently announced its intention to create a neutral and credible blockchain platform for Metaverse applications, with the aim of building an infrastructure that can support innovative Metaverse applications on a large scale in the future.

This initiative is part of Shanghai’s 14th Five-Year Plan for Building a Globally Influential Science and Technology Innovation Center and Shanghai’s Action Plan for Cultivating a New “Metaverse” Track (2022-2025). The plan will be guided by Xi Jinping on Socialism with Chinese Characteristics for a New Era. The city will focus on mission-oriented, policy-driven, key breakthroughs, and empowered development, with immersive technology and Web3 technology as its main directions.

The initiative aims to improve the self-reliance and self-improvement of science and technology in the Metaverse field. By 2025, the initiative aims to achieve significant breakthroughs in research on scientific issues related to frontier advantageous fields and to continue developing original innovations. The initiative will focus on technological advantages and areas necessary for mastering key technologies and improving the underlying technical support capabilities.

By addressing the needs of key scenarios, the initiative aims to accelerate the “Metaverse” technology system breakthrough. Through the transformation of scientific and technological achievements and the continued improvement of the industrialization level, the initiative aims to form an internationally competitive “Metaverse” innovation cluster. The goal is to ensure the security and resilience of innovation chains, industrial chains, and supply chains and to accelerate the construction of a globally influential science and technology innovation center to provide strong support.

The initiative will promote the development of immersive audio-visual technology, breakthroughs in R&D of immersive computing technology, key technologies for new displays, and perception and interaction technology. Additionally, the initiative will strengthen the research and development of blockchain technology. It is supported by a set of safeguard measures, such as strengthening organizational leadership, carrying out organized scientific research, improving business incubation and financial services, and strengthening talent introduction and education.

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