New Hangzhou Data Exchange Unveiled at 2023 Hangzhou Summit

During the 2023 Hangzhou Summit, government officials in Hangzhou, China announced the launch of a new data exchange powered by blockchain technology. The exchange’s debut involved the participation of over 300 enterprises, including Alibaba Cloud and Huawei.

Key Points:
– Hangzhou Data Exchange: The new data exchange in Hangzhou will facilitate the trading of enterprise information technology data using distributed ledger technology.
– Immutable and Traceable Trades: Officials state that the platform will ensure that exchange trades are immutable and traceable, providing a trusted and secure environment for data sharing.
– Utilizing Advanced Technologies: The Hangzhou Data Exchange utilizes research blockchain, privacy computing, and other technologies to enable trusted sharing and effective use of data across departments and regions, all while ensuring data security and privacy protection.
– Hangzhou’s Digital Economy: Hangzhou’s digital economy sector has surpassed 500 billion Chinese Yuan ($69 billion) in 2022, accounting for nearly 27% of the city’s GDP.
– China’s Support for Government-Controlled Blockchain Efforts: Despite cracking down on private blockchain enterprises, China remains a strong advocate for government-controlled blockchain initiatives.

China’s President Xi Jinping emphasized the importance of central bank digital currencies in expanding the share of local currency settlements during the opening of the 2023 Shanghai Cooperation Organisation Conference. Recently, Chinese residents received over 100 million Yuan ($13.8 million) worth of the digital-Yuan CBDC through an airdrop to stimulate domestic spending.

Hot Take: China Continues to Embrace Government-Controlled Blockchain

The unveiling of the Hangzhou Data Exchange reinforces China’s commitment to government-controlled blockchain efforts. By utilizing advanced technologies and prioritizing data security and privacy, the exchange aims to provide a trusted platform for enterprise data trading. China’s support for central bank digital currencies further highlights its dedication to expanding the use of blockchain technology in various sectors of the economy.