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Shanghai High Court Pilots Blockchain Technology to Record Hearings for Court Reform

Shanghai’s high court has started using blockchain technology to record hearings as part of its court record reform pilot.

During the meeting on the reform of court records, participants took part in observing the whole process of the court trial of a dispute over the equity transfer contract heard by the Shanghai Minhang District People’s Court.

Using blockchain technology, and voice recognition, text records including audio and video recording functions were also activated. File names, sizes, creation time, and other information related to recorded audio and written files related to the court hearing were generated automatically.

The judge asked the parties of the court to sign and confirm the metadata table that recorded those records. The report read:

“The audio-visual conversion record, the metadata table confirmed by the parties’ signature, and other materials were completely presented in the “electronic file” of the case.”

According to the report, trialing of the court records reform in Shanghai has started in June, and within 3 months, 260 courts were installed and deployed to support the reform of the court records, resulting in 27.4% of the total number of courts.

Chinese courts deploy blockchain-powered door seals

Chinese courts have recently started to adopt blockchain-based door seals that will optimize property security by enabling real-time video surveillance and sophisticated alarm systems. This move is intended to eradicate the conventional paper seals, which are not tamper-proof.

The Executive Bureau of the People’s Court in Beijing, China, set a precedent by using a blockchain-enabled seal in securing a property located in Chaoyang district. Other courts in Jiangxi, Hunan, and Jiangsu provinces have also followed suit.

The electronic seals based on blockchain technology are unique as they have a rectangular dimension consisting of internal contraction and expansion grooves. Additionally, they are adjustable depending on the door size.

An enforcement ruling is also pegged on the seals to inform the populace about the property status.

China’s Central Bank Reveals First Cohort of its FinTech Regulatory Sandbox Pilot

The Chinese central bank’s Shanghai headquarters has recently revealed the Shanghai FinTech Innovation regulatory sandbox application list.

The People’s Bank of China’s (PBoC) Shanghai branch is currently soliciting opinions from the public on eight applications to be included in the FinTech innovation supervision pilot.

The central bank has revealed that there were 13 applicants, including the Bank of Communications, Bank of Shanghai, and the Shanghai Huarui bank. The respective applications covered a diverse integration of FinTech, including small to medium enterprise financing services, including blockchain financing services, and risk-based products.

Yu Baicheng, the Dean of the Zero One Research Institute said:

“From the perspective of the first eight innovative applications announced in Shanghai, first of all, the focus is on banking-related businesses, and each application has the participation of banks. The application pilots of the company cover different fields such as banking, insurance, and non-bank payments; secondly, from the perspective of the subject of the application and the technology involved, it is relatively cross-cut and diversified. Five projects are multi-party cooperation.”

The city of Chengdu was approved for PBoC’s FinTech Innovation pilot

The People’s Bank of China has recently approved the city of Chengdu to carry out FinTech innovation supervision pilots.

Chengdu, the capital of China’s Sichuan province has been added to the list of regions that could carry out FinTech-related pilots.

The People’s Bank of China launched the FinTech regulatory sandbox in December 2019, to guide licenses financial institutions to explore with technologies while complying with laws and regulations.

According to the local report, the city of Chengdu has been exploring big data, blockchain, artificial intelligence, and cloud computing to improve local financial supervision capabilities.

The Chengdu Municipal government and the Chengdu branch of the Chinese central bank have issued a development plan, to promote Chengdu’s practice of FinTech innovation. According to industry insiders, it is believed that Chengdu’s approval of the FinTech innovation supervision pilot would accelerate the city’s FinTech innovation.

Shanghai High Court pilots blockchain for court reform

Shanghai’s high court has started using blockchain technology to record hearings as part of its court record reform pilot.

China's CBDC Testing Advances along 19.25M Yuan Distribute to Residents

China is set to take its Digital Yuan pilot tests to Shanghai to pursue Central Bank Digital Currency (CBDC).

According to the Information Office of Shanghai Municipality, the latest proposed trial test will see the region give out as much as 19.25 million yuan (about 3 million U.S. dollars) in digital currency to consumers in the city through a lottery system.

China is one of the major economies that has advanced in its developmental strides per its government-backed digital Yuan pursuits. Ranking as one of the pioneers of the CBDC innovation, China has entered into the retail testing of its Digital Yuan. Residents get to use the new form of legal tender for small-scaled retail payments in its major cities, including Shenzhen. The same program is on track for the residents of Shanghai.

According to the announcement made on the official WeChat account, a total of 350,000 digital red envelopes, each containing 55 yuan of digital currency, will be given to lottery winners. This cash is non-refundable, and the program is in collaboration with the Industrial and Commercial Bank of China Shanghai Branch and the cloud service of the Bank of Communications Shanghai Branch.

While the early testing through the lottery system was not without hitches, China has primarily advanced integrating the Digital Yuan into people’s lives. The People’s Bank of China (PBoC) has not announced the date it will officially launch the Digital Yuan.

However, there are plans to make the new form of money available at the Beijing Olympics scheduled to hold in 2022. At the historical games, the Digital Yuan will be made available to foreign athletes and visitors, marking the first time the CBDC will be open to non-Chinese residents.

The Asian giant has been stiffening its crypto regulations lately, as analysts believe this new crop of regulations was launched to help pave the way for the soon-to-be-launched Digital Yuan.

Ethereum developers chose eight updates for Shanghai

The Ethereum Foundation made the announcement on November 24 that the developers working on the platform had reached a consensus on eight Ethereum Improvement Proposals (EIP) to investigate as part of the Shanghai update. This update is the next major upgrade following the Merge and the transition to proof-of-stake consensus.

Beacon Chain staked Ether (ETH) is scheduled to be unlocked as one of the primary features that are anticipated to be included in the Shanghai hard fork. This will make it possible for the assets to be withdrawn along with the upgrade, which means that users who had staked Ethereum prior to the Merge will be able to access those tokens in addition to any other rewards that may be available.

According to a prior roadmap, unlocked ETH was supposed to become available between 6 and 12 months following the Merge.

One of the ideas that was accepted is known as EIP 4844. This proposal focuses on using proto-danksharding technology, and it is anticipated that it would increase network throughput while simultaneously reducing transaction costs, which will be a big gain for scalability.

Other EIPs, such as EIP 3540, EIP 3670, EIP 4200, EIP 4570, and EIP 5450, deal with the modernization of Ethereum Virtual Machines.

One of the most-anticipated updates for the community is the Shanghai testnet version, which was given the name Shandong and went live on October 18. This version enables developers to work on implementations such as the Ethereum Virtual Machine (EVM) object format. This update is one of the most-anticipated updates because it separates coding from data, which may be beneficial for on-chain validators.

Shanghai, China, Launches a Comprehensive Technical Initiative for the Metaverse (2023-2025)

The Shanghai Municipal Science and Technology Commission announced today the release of its “Shanghai Metaverse Key Technology R&D Plan (2023-2025)”. The plan revolves around the key technology dimensions of the Metaverse, including content, computation, transmission, and terminal technology, integrating domestic and international industrial development trends and local research and development foundations.

The ambitious plan focuses primarily on immersive technology and Web3 technology, aiming to build new heights in critical technology areas such as immersive audio and video, immersive computing, next-generation displays, perception interaction, and blockchain. The initiative is designed to break new ground, accelerate technological innovation, and push the boundaries of what is possible in the Metaverse.

As part of the strategic blueprint, Shanghai’s key projects include the development of a Web3 network operating system, blockchain digital identity, distributed trustworthy storage, trustworthy computing chips, and other support technologies. They will also be focusing on the research and development of digital regulatory technologies. The goal is to build a high-performance, scalable, and secure new blockchain system architecture, which forms the infrastructure to support a large-scale Metaverse innovative application.

This progressive move reflects the city’s commitment to staying at the forefront of technological advancements. By strategically focusing on the development of core Metaverse technologies, Shanghai hopes to establish itself as a leading player in this emerging field. The plan is poised to stimulate technological innovation, promote industrial development, and contribute to the creation of a robust, dynamic, and sustainable Metaverse ecosystem.

China's Shanghai Prioritizes Blockchain, Web3.0, and Metaverse in Three-Year Manufacturing Development Plan

Shanghai, a front-runner in the deployment of emerging technologies in China, has recently announced its ambitious “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing (2023-2025).” This strategic initiative was revealed by the Shanghai Municipal Government Office, highlighting the city’s commitment to accelerating the development of its digital economy with a focus on Blockchain, Web3.0, and the Metaverse.

The plan underscores the role of these three key technologies in shaping the future of the city’s manufacturing industry. Blockchain and Web3.0, both pillars of the next generation digital economy, are spotlighted as integral parts of the city’s digital transformation strategy. By prioritizing these technologies, Shanghai aims to position itself at the forefront of digital innovation and economic growth.

The development of the Metaverse, a term used to describe a virtual-reality space where users can interact with a computer-generated environment and other users, is another pivotal aspect of the plan. This follows the release of the “Shanghai Metaverse Key Technology R&D Plan (2023-2025)” by the Shanghai Municipal Science and Technology Commission on 13 June. The Metaverse initiative integrates local and international industrial development trends, focusing on key technology dimensions such as content, computation, transmission, and terminal technology.

Furthermore, the action plan also outlines the city’s effort to foster the creation of future industries, including the construction of advanced industrial areas like Zhangjiang, Lingang, and the Bay of Large Zero. These locations will serve as the leading areas for future industrial development, marking another step towards Shanghai’s goal of becoming a global tech hub.

With its comprehensive and forward-looking approach, the “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing” is poised to solidify Shanghai’s position as a global leader in manufacturing and digital innovation. This move reaffirms the city’s commitment to embracing advanced technology and digital solutions as key drivers for future economic growth and sustainability.

China's Shanghai Unveils Action Plan to Forge a New Path in the Metaverse Tourism Industry

Shanghai has taken a significant step in the realm of metaverse tourism with the release of the “Shanghai Action Plan for Creating a New Path in Metaverse Tourism (2023-2025)”. The plan, unveiled by the Shanghai Municipal Bureau of Culture and Tourism, outlines the city’s strategic focus on five key areas to propel the development of metaverse tourism in the coming years.

Recognizing Shanghai’s immense potential in terms of its large-scale cultural and tourism consumer market, advanced digital infrastructure, diverse cultural and tourism applications, abundant creative resources, and thriving innovation and entrepreneurship culture, Shanghai aims to harness these advantages to foster the growth of metaverse tourism. Embracing the digital wave and technological revolution is crucial for Shanghai’s tourism industry to enhance its overall competitiveness in the digital era.

The plan emphasizes the need to actively embrace the transformative experiences brought about by immersive technologies, the evolving spatial-temporal dimensions, and the industrial transformations driven by new technologies. To achieve these goals, Shanghai will launch five specialized initiatives under the plan: “Digital Tourism Infrastructure,” “Technological Breakthroughs,” “New Metaverse Tourism Scenarios,” “Digital Art Platforms,” and “Immersive Interactive Content.”

The “Digital Tourism Infrastructure” initiative will focus on accelerating the construction of key network infrastructure in designated areas, establishing new cloud platforms tailored for the tourism industry, promoting edge computing capabilities, and facilitating access to cultural resources through the development of international, industry, and local standards.

Under the “Technological Breakthroughs” initiative, Shanghai aims to conduct collaborative research on key areas such as digital cultural rights protection, real-time audio and video, immersive interactions, and smart media. The plan also calls for the accelerated development and application of technologies like digital humans, AIGC tools platforms, rendering engines, and virtual production techniques.

The “New Metaverse Tourism Scenarios” initiative aims to continuously enhance the supply side of metaverse tourism experiences. Shanghai plans to create digital cultural scenes, expedite the digitization and display of precious cultural relics, encourage immersive tourism experiences in cultural and commercial districts, and develop high-quality and innovative performing arts products.

Through the “Digital Art Platforms” initiative, Shanghai intends to leverage its urban blockchain infrastructure to establish digital creative alliances and a storage system for digital artworks. This initiative will encourage cultural institutions, professional organizations, and artists to intensify their creative efforts and explore cross-chain applications of digital artworks in museums, scenic spots, games, and other contexts.

Lastly, the “Immersive Interactive Content” initiative aims to establish Shanghai as a hub for digital content creation. The plan focuses on leveraging artificial intelligence to empower both professional and user-generated content, thereby fostering the development of next-generation high-tech audiovisual products. Additionally, the plan encourages the convergence of innovative elements through the incubation and upgrading of characteristic industrial parks, the construction of digital IP chains, the creation of open and shared environments, and the protection of digital copyrights.

During the Shanghai Metaverse Tourism Initiative event, Shanghai Immersion Opportunities Technology Development Co., Ltd. and Shanghai iQiyi New Media Technology Co., Ltd. shared their latest advancements in metaverse technology applications, content production, scene development, and market promotion. They highlighted the successful implementation of the “Wind Rises in Luoyang” project at the Shanghai Opportunities Center, which exemplifies the integration of popular IPs and technological innovations in offline tourism experiences. Representatives expressed their intention to replicate such projects across the country, encompassing not only virtual reality but also other cultural and entertainment ventures, in order to establish a model for Shanghai’s modernized metaverse tourism.

On 15 June, Shanghai also announced its ambitious “Three-Year Action Plan for Promoting High-Quality Development of Manufacturing (2023-2025)”, which also highlights the metaverse as a crucial aspect of its vision.

Optimism (OP) Prepares for Canyon Hardfork Across Superchain Testnets on November 14

The Optimism ecosystem is set to embrace a milestone with the Canyon hardfork, slated for activation on the OP Goerli, OP Sepolia, Base Goerli, Base Sepolia, PGN Sepolia, and Zora Sepolia testnets on November 14, 2023, at 17:00 UTC. Announced by the OP Labs Team on November 7, 2023, this upgrade follows the previous Bedrock network enhancement and is eagerly anticipated across the Superchain.

Collaboratively developed with Base, the Canyon hardfork has undergone successful initial activation on a devnet, paving the way for its deployment on testnets. A subsequent rollout to the OP Mainnet and other Superchain mainnets will depend on the Optimism governance protocol’s approval.

Canyon’s launch brings with it several improvements including Shanghai and Capella hardfork support, alongside a series of minor bug rectifications. Noteworthy EIPs—EIP-3651, EIP-3855, EIP-3860, EIP-4895, and EIP-6049—are incorporated, featuring enhancements like new Ethereum instructions, the phasing out of the SELFDESTRUCT function, and modifications for beacon chain push withdrawals.

A crucial update within Canyon is the fine-tuning of EIP-1559, which adjusts the basefee’s sensitivity to network congestion. This aims to moderate the speed of basefee adjustments, fostering a more stable network fee environment.

Protocol modifications also include improved handling of unclosed channels, allowing for uninterrupted operation progression in certain scenarios. A new field in the deposit transaction receipt encoding is also introduced to correct a discrepancy in the nonce consensus.

Furthermore, the hardfork ensures the deployment of the create2Deployer bytecode across all networks, enabling consistent access to this critical contract for developers.

While end-users may not experience direct impact from these upgrades, node operators are required to update their nodes to conform to the new Canyon specifications. Detailed instructions are available through a publicly accessible guide. Participants in the Optimism ecosystem should watch for upcoming governance updates, which will signal the potential mainnet integration of the Canyon hardfork.