China Unveils Revolutionary Blockchain Data Exchange at Hangzhou Summit

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China's innovative prowess took centre stage at the 2023 Hangzhou Summit as it unveiled a groundbreaking blockchain-powered data exchange on August 23. This technological marvel signals a significant step forward in data trading, promising to revolutionise global transactions.

The event in Hangzhou witnessed the official launch of the Hangzhou Data Exchange, a platform designed to transform the dynamics of enterprise-level web3 data trading. With an ambitious vision to reshape data sharing across different regions and departments, the exchange aims to foster trusted data circulation while ensuring paramount security and privacy. It is set to achieve this by integrating cutting-edge blockchain and privacy computing technologies and smart contracts for efficient data sharing.

Collaborations with Zhejiang University's Blockchain and Data Security Laboratory, Hangzhou Financial Investment Group, and China Mobile Information Technology Company underscore a commitment to pioneering research and state-of-the-art data infrastructure. These partnerships align with the vision of creating a comprehensive data asset map, contributing to the scale effect of data circulation.

A notable aspect of the exchange lies in its classification of digital businesses. This novel approach, featuring categories like "cornerstone digital business," "spark data business," and "Xinghai digital business," reflects the diverse landscape of digital ventures and their distinct evaluation metrics. Such a stratification showcases China's meticulous approach to nurturing its digital ecosystem.

As China embraces blockchain technology, it's crucial to recognise its dual approach: stringent regulations for private blockchain enterprises and unwavering support for government-led blockchain endeavours. This approach highlights the country's commitment to harnessing blockchain's potential in line with its national interests.