Shanghai speeds up development of blockchain
Firms are developing blockchain applications in finance, commercial innovation and enterprise services in Shanghai as the city has great potential and ample resources to develop the new technology.
The technology, which allows for transparency, openness, trackability and authenticity, can be used in various applications in Shanghai's finance and trade industries, according to the Shanghai Commission of Economy and Information Technology.
Nationwide, China has eight blockchain industry alliances and Shanghai accounts for half of this number. Firms like Ping An, Baowu Steel and ZhongAn are developing blockchain applications covering FinTech, industry chain collaboration and smart city management.
Shanghai-based tech company Huifu Info plans to adopt blockchain technology designed for for private equity firms.
The company will use technologies like automation and blockchain to serve private equity industry, which operated a combined fund of 13.4 trillion yuan (US$1.91 trillion) by September, said Zhao Zenghui, general manager of Huifu Info.