China Unveils Blockchain-Powered Data Exchange at Hangzhou Summit

•  More than 300 companies took part in the launch of the exchange.
• China has been a strong backer of government-controlled blockchain initiatives.

Officials from the Chinese government introduced a new blockchain-based data exchange during the 2023 Hangzhou Summit in Hangzhou, China. More than 300 companies took part in the launch of the exchange.

According to articles published on August 23 by local news outlets in Hangzhou, the city’s newest data exchange will use distributed ledger technology to make it easier for businesses to trade their IT data. It was announced that the platform will make trades that are irreversible and auditable.

Head of the National Laboratory for Blockchain and Data Security, Chen Chun stated:

“[The Hangzhou Data Exchange] utilizes research blockchain, privacy computing and other technologies to realize trusted sharing and effective use of data across departments and regions under data security and privacy protection.”

Banking on CBDC

The digital economy industry in Hangzhou contributed approximately 27% of the city’s GDP in 2022, exceeding $69 billion. China has been a strong backer of government-controlled blockchain initiatives, despite its tough crackdown on private blockchain firms for quite some time now.

The Chinese president, Xi Jinping, emphasized the importance of CBDC at the 2023 SCO Conference’s opening ceremony. Moreover, CBDC worth over $13.8 million was recently airdropped to Chinese citizens in an effort to increase domestic consumption.

However, not every effort has been successful. The country’s official NFT exchange, CDEX, was said to be nearing completion of its debut on December 28, 2022. At the time of this writing, the platform is still under development.

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