Redefining Data Exchange
On August 23, the 2023 Hangzhou Summit showcased the city’s stride into the future with officials in High-tech Zone (Binjiang) launching an avant-garde blockchain-driven data exchange. This platform aims to reshape enterprise IT data trading dynamics by ensuring trusted data sharing across different regions and departments, with a focus on data security and privacy. By integrating smart contracts, the initiative enables efficient data sharing and stimulates widespread participation in the data industry.
Bridging Technology and Economy
The Hangzhou Data Exchange is partnering with entities like Zhejiang University’s Blockchain and Data Security Laboratory, Hangzhou Financial Investment Group, and China Mobile Information Technology Company to delve deep into blockchain and data security research and pioneer data assets’ exploration. Their goal is to optimize communication technology and big data, create a comprehensive data asset map encompassing various industries, and enhance the scale effect of data circulation.
Innovative Classifications for Digital Businesses
During the summit, innovative classifications for digital businesses were introduced. These classifications include “cornerstone digital business,” “spark data business,” and “Xinghai digital business,” each with distinct identification and evaluation metrics. This framework allows for a better understanding and evaluation of different types of digital businesses.
China’s Commitment to Digital Frontier
China is committed to evolving its digital frontier, and with the launch of this blockchain-driven data exchange, the nation has the potential to redefine data trading on a global scale. The Hangzhou Data Exchange’s primary objectives are to foster efficient data circulation, forge innovative business models, and aid in creating a comprehensive digital transaction service capability.
Hot Take
The launch of the Hangzhou blockchain-driven data exchange marks a significant milestone in China’s digital economy. By prioritizing data security and privacy, integrating smart contracts, and forming partnerships with leading entities in the field, China is positioning itself as a global leader in data trading. The innovative classifications for digital businesses introduced during the summit further demonstrate China’s commitment to driving digital innovation. With this new initiative, China has the potential to revolutionize the way data is exchanged and create a more efficient and secure digital ecosystem.
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