China launches blockchain-powered data exchange


During the 2023 Hangzhou Summit held in Hangzhou, China, authorities officers unveiled a brand new data exchange powered by blockchain expertise. Over 300 enterprises, together with Alibaba Cloud and Huawei, participated within the exchange’s debut.

According to native information studies from Aug. 23, the brand new Hangzhou Data Exchange will facilitate the buying and selling of enterprise data expertise data utilizing distributed ledger expertise. Officials mentioned the platform would guarantee exchange trades are immutable and traceable. Chen Chun, director of the National Laboratory of Blockchain and Data Security, commented: 

“[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.”

In 2022, Hangzhou’s digital economic system sector surpassed 500 billion Chinese yuan ($69 billion), accounting for practically 27% of town’s gross home product.

Despite cracking down harshly on non-public blockchain enterprises for a lot of the 12 months, China is a staunch supporter of government-controlled blockchain efforts. 

During the preliminary opening of the 2023 Shanghai Cooperation Organisation (SCO) Conference, Chinese President Xi Jinping mentioned that central financial institution digital currencies (CBDCs) played an important role in “expanding the share of local currency settlements of SCO countries.” Recently, over 100 million yuan ($13.8 million) value of the digital yuan CBDC was airdropped to Chinese residents to stimulate home spending. 

That mentioned, not all initiatives have gone nicely. On Dec. 28, 2022, Cointelegraph reported that the nation was supposedly in the final stages of launching its nationwide nonfungible token exchange, CDEX. The platform stays beneath improvement on the time of publication. 

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