China discloses a blockchain-driven data exchange initiative at the Hangzhou Summit of 2023.
This revolutionary platform aims to streamline the trading of Web3 data among various businesses. Notably, prominent industry players such as Alibaba Cloud and Huawei took a leading role in the inaugural phase.
On the 23rd of August, local news sources confirmed the launch of the Hangzhou Data Exchange. This platform marks a new era in data trading, as it leverages the power of distributed ledger technology to enhance the process.
The standout feature of this technology is its ability to guarantee secure transactions that are easily traceable. Chen Chun, who heads the National Laboratory of Blockchain and Data Security, shared his insight:
“The Hangzhou Data Exchange employs state-of-the-art technologies like research blockchain and privacy computing. These technologies come together to enable secure and effective data sharing across different departments and regions, all while ensuring data security and privacy.”
Hangzhou’s digital economy achieved a remarkable milestone in 2022, surpassing 500 billion Chinese yuan – equivalent to around 27% of the city’s total gross domestic product. This underscores the city’s commitment to embracing digital transformation and emerging technologies.
China has been tough on private blockchain companies, but at the same time, the country is pushing its own government-controlled blockchain projects. In a recent event, the Chinese President Xi Jinping talked about how digital versions of national currencies can help countries in their local trading. A few months back, China even gave its residents digital money worth millions of yuan to encourage spending.
However, not all things have gone smoothly. There was news about China starting a big marketplace for special digital items called NFTs. But it seems this plan is taking longer than expected and is not ready yet.
Main Points of Hangzhou Data Exchange
- The Hangzhou Data Exchange was introduced at the 2023 Hangzhou Summit, with the goal of simplifying IT data trading for businesses.
- The launch of the exchange saw the active involvement of over 300 companies, signaling robust backing from the business community.
- To ensure secure and dependable data sharing, the platform makes use of advanced technologies such as research blockchain and privacy computing.
- China remains committed to advancing government-led blockchain initiatives, even as it maintains strict measures against private blockchain enterprises.
China’s Digital Ambitions Take Shape
The launch of the Hangzhou Data Exchange reflects China’s unwavering commitment to digital innovation and economic growth. By introducing such groundbreaking platforms, the country aims to strengthen its position at the forefront of the global digital economy revolution.