China launches blockchain-powered data exchange

China launches blockchain-powered data exchange

Enabling the exchange of Web3 data among businesses, the platform will see the active involvement of enterprises like Alibaba Cloud and Huawei.

In Hangzhou, China, during the 2023 Hangzhou Summit, government representatives introduced a novel blockchain-powered data exchange. This groundbreaking initiative garnered active involvement from more than 300 enterprises, notable among them being Alibaba Cloud (NYSE:BABA) and Huawei.

China launches blockchain-powered data exchange

China launches blockchain-powered data exchange

As of August 23, as reported by local news sources, the recently established Hangzhou Data Exchange is set to streamline the exchange of corporate IT data through the implementation of distributed ledger technology. Authorities affirm that this platform will guarantee the permanence and traceability of trade transactions. Sharing his perspective, Chen Chun, the head of the National Laboratory (NYSE:LH) for Blockchain and Data Security, remarked

“The Hangzhou Data Exchange employs a combination of research blockchain, privacy computing, and other advanced technologies to actualize secure and reliable data sharing across various departments and regions. This is all carried out within a framework of stringent data security and privacy protection measures.”

During the year 2022, Hangzhou’s digital economy sector achieved a remarkable milestone, surpassing 500 billion Chinese yuan (equivalent to $69 billion), contributing to nearly 27% of the city’s total gross domestic product.

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