China Unveils Blockchain-Powered Data Exchange at Hangzhou Summit, Showcasing Government-Controlled Initiatives
Summary:
China unveils a new data exchange powered by blockchain technology at the 2023 Hangzhou Summit. Over 300 enterprises, including Alibaba Cloud and Huawei, participate in the exchange's debut. The Hangzhou Data Exchange aims to facilitate the trading of enterprise information technology data using distributed ledger technology. It ensures immutable and traceable transactions and promotes trusted sharing and effective use of data while prioritizing data security and privacy protection. China remains supportive of government-controlled blockchain efforts, as demonstrated by President Xi Jinping's endorsement of central bank digital currencies. The country recently airdropped over 100 million Yuan worth of digital-yuan CBDC to stimulate domestic spending. Despite challenges, China continues to push forward in the blockchain sector.
During the Hangzhou Summit in China, government officials unveiled a new data exchange powered by blockchain technology. The debut of the exchange saw the participation of over 300 enterprises, including industry giants like Alibaba Cloud and Huawei. Local news reports have stated that the Hangzhou Data Exchange will enable the trading of enterprise information technology data using distributed ledger technology. Officials believe that this platform will guarantee the immutability and traceability of exchange trades. Chen Chun, director of the National Laboratory of Blockchain and Data Security, highlighted that the Hangzhou Data Exchange aims to achieve trusted sharing and effective use of data while ensuring data security and privacy protection. With Hangzhou's digital economy sector surpassing 500 billion Chinese Yuan ($69 billion) in 2022, accounting for approximately 27% of the city's GDP, this initiative holds significant potential. Although China has cracked down on private blockchain enterprises, the country remains a proponent of government-controlled blockchain endeavors. President Xi Jinping emphasized the importance of central bank digital currencies during the opening of the 2023 Shanghai Cooperation Organisation Conference, stating their role in expanding the share of local currency settlements among SCO countries. Notably, China recently airdropped over 100 million Yuan ($13.8 million) worth of digital-yuan CBDC to Chinese residents to stimulate domestic spending. While some blockchain initiatives have faced challenges, such as the delayed launch of the national nonfungible tokens exchange CDEX, China continues to make strides in the blockchain domain.
Published At
8/23/2023 3:35:37 PM
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