Technology empowers blockchain and Metaverse underlying technology research and development accelerates

The forward-looking R&D to strengthen the basic capabilities of the underlying core technology of Metaverse and the advancement of blockchain technology are becoming a major trend in the development of the technology-enabled industry.

Following on December 21, the Secretary of the Shanghai Municipal Party Committee emphasized that he will guide enterprises to step up research on important platforms for the interaction between the virtual world and the real society in the future, and timely layout cuts in, Shanghai recently issued a series of articles to strengthen the research and development of the blockchain and the underlying technology of the Metaverse. On December 30 news, the Shanghai Financial Official Microphone issued the “Notice on Launching the Pilot Project of Fintech Innovation in the Capital Market (Shanghai)”. The notice stated that under the overall guidance of the China Securities Regulatory Commission, Shanghai will carry out pilot projects for financial technology innovation in the capital market based on actual conditions. In principle, the pilot program focuses on the technological empowerment of various businesses in the capital market by the new generation of information technologies such as big data, cloud computing, artificial intelligence, and blockchain, in order to serve the real economy, improve market efficiency, strengthen compliance and risk control, and enhance Regulatory capabilities and ensuring financial security are application-oriented, steadily promoting the implementation of a new generation of information technology, and promoting the digital development of the capital market.

On the same day, the Shanghai Municipal Commission of Economy and Information Technology issued the “Fourteenth Five-Year Plan for the Development of Shanghai’s Electronic Information Industry.” The plan mentions that to strengthen the forward-looking research and development of the underlying core technology and basic capabilities of Metaverse, promote the development of new terminals that deepen the perception and interaction and the construction of systematic virtual content, and explore industry applications.

In fact, with the development of popular concepts such as blockchain and metauniverse, not only Shanghai, but Hangzhou also announced the strengthening of blockchain and metauniverse construction.

According to data released by the Hangzhou Municipal Bureau of Economy and Information Technology, in the first three quarters of this year, the core industries of Hangzhou’s digital economy achieved an added value of 352.1 billion yuan.With the in-depth integration of a new generation of information technology and social economy, Hangzhou is accelerating the development of new technologies and industries such as artificial intelligence, blockchain, virtual reality, and Metaverse. A few days ago, the list of national blockchain innovative application pilots was announced, and Hangzhou was selected as a comprehensive pilot. According to the “2020 China City Blockchain Comprehensive Index Report”, Hangzhou’s comprehensive score ranked fourth in the country.

Fu Rao, a senior researcher at the International Institute for New Economics, said that since 2021, the development of the blockchain industry in mainland China has presented three major characteristics, namely, a clear supportive regulatory policy stand, large-scale application of digital collections, and the emergence of Metaverse forces. Since the beginning of this year, while supporting the innovation of blockchain technology in industrial applications, the policy has also been firm in suppressing cryptocurrencies. At present, some companies hype the concept of the Metaverse, which is quite different from the real Metaverse, and requires careful judgments. From the perspective of the industry, Metaverse will become the goal of the next generation of Internet development for a long time. This depends on the core technology breakthroughs, technological evolution and changes in the underlying technology and computing power.

In addition, Zou Jun, vice chairman of KPMG China and chief partner of KPMG Huazhen (Special General Partnership), also stated that with the continuous development of technology, the maturity and implementation of concepts such as “Metaverse” may give the future of financial technology. Development brings unlimited imagination.

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