Shanghai has launched a new wave of blockchain applications to drive growth in key sectors like shipping, finance, and social governance. These initiatives are spearheaded by Weng Yicong, Deputy Director of the Shanghai Municipal Data Bureau, who aims to position the city as a leader in the digital economy. The focus on areas such as trade, shipping, and government operations is driven by the ambition to become a global hub for blockchain innovation. The program has been launched with a goal of attracting top companies and startups in the field. Shanghai’s initiative supports the Belt and Road Initiative and is expected to boost Ethereum and DeFi markets, according to experts. To support this expansion, the Shanghai Municipal Data Bureau has established a digital business enterprise incubation pool that provides funding and resources to accelerate development. The program focuses on supporting companies with proven track records in blockchain innovation. Weng Yicong highlighted the program’s focus on attracting and nurturing digital businesses. Shanghai consistently hosted international blockchain summits over the past decade, solidifying its position as a crucial center for blockchain development in finance and trade. The city’s commitment to blockchain technology has led to a surge in Ethereum price, currently at $4,003.65 with a market cap of formatNumber(471461809603.85, 2).