Breaking: China Launches Blockchain Data Exchange at Hangzhou Summit

On August 23, the 2023 Hangzhou Summit showcased the city’s stride into the future with officials in High-tech Zone (Binjiang) launching an avant-garde blockchain-driven data exchange. Significantly, this platform sets its sights on reshaping enterprise IT data trading dynamics.

Redefining Data Exchange

Chen Chun, an academician of the Chinese Academy of Engineering and the guiding force behind the National Key Laboratory of Blockchain and Data Security, emphasized the pivotal role of this exchange. He stated,

“With research in blockchain and privacy computing, we aim to ensure trusted data sharing across different regions and departments, ensuring utmost data security and privacy.”

Moreover, by integrating smart contracts, this initiative paves the way for efficient data sharing, stimulating widespread participation in the data industry.

Hangzhou’s digital economy in 2022 witnessed a surge, accounting for nearly 60% of Zhejiang’s share and a whopping 27% of the city’s GDP. Consequently, the Hangzhou Data Exchange’s primary objective is to foster efficient data circulation, forge innovative business models, and aid in creating a comprehensive digital transaction service capability.

Bridging Technology and Economy

Additionally, partnerships are in full swing with “China Data Valley” joining forces with entities like Zhejiang University’s Blockchain and Data Security Laboratory, Hangzhou Financial Investment Group, and China Mobile Information Technology Company. Hence, they aim to delve deep into blockchain and data security research, construct state-of-the-art data infrastructure, and pioneer data assets’ exploration.

Tao Tao, the Deputy General Manager of China Mobile Information Technology Co., Ltd., conveyed their commitment to optimizing communication technology and big data. He asserted,

“With ‘China Data Valley’ as our nucleus, we aim to create a comprehensive data asset map encompassing various industries, thereby enhancing data circulation’s scale effect.”

Furthermore, during the summit, Zheng Di, the Deputy Secretary of the Party Committee and the Director of the Management Committee, introduced innovative classifications for digital businesses. 

This stratification, based on different developmental stages, includes “cornerstone digital business,” “spark data business,” and “Xinghai digital business,” with distinct identification and evaluation metrics for each.

China’s commitment to evolving its digital frontier is clear, and with this new blockchain-driven data exchange, the nation may redefine data trading on a global scale.