In the digital age where data is a valuable asset, China showcases an innovative data exchange powered by blockchain technology. With the involvement of giants like Alibaba Cloud and Huawei, this platform aims to change the way data is exchanged in the Web3 environment.
During the summit in Hangzhou in 2023, Chinese government representatives introduced a new data exchange based on blockchain technology. Its premiere gathered over 300 enterprises, including industry giants like Alibaba Cloud and Huawei.
According to local reports from August 23rd, the Hangzhou Data Exchange will allow trading of enterprise technological data using distributed ledger technology. Officials ensure that the transactions on the exchange are immutable and traceable. Chen Chun, director of the National Blockchain and Data Security Laboratory, emphasized that the exchange uses blockchain technologies, private computations, and others to ensure trusted data sharing and their effective use while maintaining security and privacy.
2022 was a breakthrough year for the digital economy sector in Hangzhou. Its value exceeded 500 billion Chinese yuan (about 69 billion dollars), accounting for nearly 27% of the city’s GDP.
Despite strict actions against private blockchain enterprises for most of the year, China is a staunch supporter of government-controlled blockchain initiatives. During the inauguration of the Shanghai Cooperation Organization Conference in 2023, Chinese President Xi Jinping stated that central bank digital currencies play an important role in “increasing the share of settlements in the local currencies of SCO member countries.” Recently, to stimulate domestic consumption, digital yuan worth over 100 million yuan (13.8 million dollars) was distributed to Chinese residents.
However, not all initiatives yielded the expected results. On December 28, 2022, Cointelegraph reported that the country is in the final stages of launching a national non-fungible token exchange, CDEX. Nevertheless, this platform is still in the development phase.
In pursuit of dominance in the digital sector, China takes bold steps in using blockchain technology, setting a promising example for the rest of the world towards a digital future.
Photo by Ling Tang on Unsplash
