During the 2023 Hangzhou Summit in China, a groundbreaking announcement took place as government officials introduced a state-of-the-art data exchange driven by blockchain technology. The Hangzhou Data Exchange, boasting participation from over 300 enterprises, including tech giants Alibaba Cloud and Huawei, aims to revolutionize data trading with the implementation of distributed ledger technology.
As per reports from August 23, the Hangzhou Data Exchange is positioned to facilitate the exchange of enterprise-level information technology data through blockchain-backed infrastructure. This innovative platform is designed to guarantee the immutability and traceability of trades carried out within the exchange. Chen Chun, the director of the National Laboratory of Blockchain and Data Security, highlighted the exchange's utilization of blockchain research and privacy computing technologies to foster secure and privacy-protected data sharing across different departments and regions.
Hangzhou's digital economy sector made impressive strides in 2022, surpassing 500 billion Chinese yuan (approximately $69 billion), contributing nearly 27% to the city's gross domestic product.
Despite a firm crackdown on private blockchain enterprises for a considerable duration, China remains an advocate for government-led blockchain initiatives. Chinese President Xi Jinping emphasized the significance of central bank digital currencies (CBDCs) during the opening of the 2023 Shanghai Cooperation Organisation (SCO) Conference. He underscored their role in expanding the utilization of local currencies for settlements among SCO countries. In a recent effort to boost domestic spending, over 100 million yuan ($13.8 million) worth of digital yuan CBDC was distributed to Chinese residents through an airdrop.
However, not all initiatives have experienced seamless progress. Reports from December 28, 2022, indicated that China was in the final stages of launching its national non-fungible token (NFT) exchange, known as CDEX. Regrettably, the platform's development remains ongoing at the time of this publication.
In summary, the unveiling of China's blockchain-powered Hangzhou Data Exchange marks a significant stride in the country's pursuit of technologically advanced solutions for data trading and sharing. This initiative aligns with China's broader strategy of embracing blockchain technology for government-led endeavors while further integrating digital currencies into various aspects of its economy.