August 24, 2023

China Debuts Blockchain-powered Data Exchange

Chinese Blockchain

Chinese Blockchain

Chinese government officials introduced a blockchain-powered data exchange at the 2023 Hangzhou Summit in China. More than 300 enterprises, such as Alibaba Cloud and Huawei, were involved in the debut of the exchange.

The Hangzhou Data Exchange will enable the trading enterprise IT data using distributed ledger technology. Local news reports from August 23 highlight that the platform would guarantee that exchange trades are unchangeable and can be traced.

Chen Chun, the director of the National Laboratory of Blockchain and Data Security, said: “The Hangzhou Data Exchange] utilizes research blockchain, privacy computing, and other technologies to realize trusted sharing and effective use of data across departments and regions under data security and privacy protection.”

According to reports, the Hangzhou Data Exchange will deepen the circulation of data elements, explore business model innovation, participate in the formulation of industry systems and standards, build a new data infrastructure, and create a full-chain digital transaction Service capabilities

Hangzhou’s digital economy sector exceeded 500 billion Chinese yuan ($69 billion) in 2022, representing nearly 27% of the city’s gross domestic product. Although private blockchain enterprises were strictly regulated throughout the year, China strongly advocates government-led blockchain initiatives.

In August, the Chinese city of Shanghai issued an implementation to promote urban blockchain digital infrastructure system engineering in a period starting from 2023 to 2025.

According to the announcement, the plan had been outlined as a part of the strategic goal of Shanghai’s urban digital transformation and utilizing the application of blockchain in the fields of real economy, public service, and urban governance.

Once the urban blockchain digital infrastructure system is fully established, it will be able to facilitate and enhance municipal affairs, public services, and applications across various industries in the region.

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