Shanghai shows potential to its firms and industries for developing blockchain applications in their finance, commercial innovation and enterprise services. 

According to Shanghai Commission of Economy and IT, Blockchain technology allows for transparency, authenticity and openness which can be used in various applications across Shanghai trade and finance industries. 

On a national level, China has 8 major blockchain alliances with Shanghai accounting for half of these. Various firms like Baowu steel, ZhongAn, Ping An are developing blockchain applications spread across the domains of FinTech, Smart City Management and Industry Chain Collaboration. 

Previously President Xi Jinping’s had remarked about the importance of blockchain technology in China and the need to speed up this development. Chinese entrepreneurs have been leading hi-tech trends from almost the beginning and the nation has a number of pilot projects underway. His endorsement of blockchain has led to a global frenzy of buying in related stocks, pushing up expectations and values.

Xi stated that blockchain was one of the nation’s technologies and called for more support, research and investment. As a notion, it’s an easy idea having an unalterable digital log of records that can be applied to all manners of transactions. 

Huifu, the leading independent third-party payment service provider in China, is focusing on merchant payment and fintech enabling services and plans to adopt blockchain technology designed for private equity firms. Their aim is to become a leading global payment and fintech enabling services provider. 

Previously, Huifu had announced the launch of a new payment tool, called Adapay, on Sept 3, 2019, which supports various payments including Alipay, WechatPay and Overseas payment channels. It also connects smart cloud and data management services with cloud infrastructure offered by Alibaba Cloud.

General manager of Huifu Info Zhao Zenghui said: “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”.