China Launches Blockchain Data Exchange at Hangzhou Summit

August 25, 2023

By Sharan Kaur Phillora

The 2023 Hangzhou Summit made headlines earlier this week as it introduced a groundbreaking blockchain-driven data exchange platform, marking the city’s progressive step towards the future of digital transactions. This initiative, launched in the High-tech Zone (Binjiang), promises to revolutionize the enterprise IT data trading landscape.

Here’s what we know:

Chen Chun, a distinguished member of the Chinese Academy of Engineering and a key figure at the National Key Laboratory of Blockchain and Data Security, spoke highly of the project’s potential. “By utilizing smart contracts, we’re not only ensuring a seamless data-sharing experience but also encouraging a broader spectrum of participation within the data industry,” Chun remarked.

In 2022, Hangzhou’s digital economy exhibited robust growth, making up nearly 60% of Zhejiang’s digital contributions and contributing to 27% of the city’s GDP. With such a backdrop, the new Hangzhou Data Exchange aims to catalyze efficient data movement, introduce novel business models, and establish an all-encompassing digital transaction service suite.

Building upon this technological momentum, partnerships have burgeoned. The “China Data Valley” is collaborating with noteworthy establishments, including Zhejiang University’s Blockchain and Data Security Laboratory, Hangzhou Financial Investment Group, and China Mobile Information Technology Company. 

Together, their mission encompasses a deep dive into blockchain and data security research, constructing a next-gen data infrastructure, and a pioneering approach to harnessing data assets.

Tao Tao, the Deputy General Manager of China Mobile Information Technology Co., Ltd., shared his vision for the venture. “By centering our endeavors around ‘China Data Valley’, we strive to establish an extensive data asset landscape across diverse sectors. This will magnify the impact of data circulation,” he stated.

Zheng Di, another influencer from the summit, unveiled a fresh taxonomy for digital enterprises. This categorization, tailored for businesses at varying stages of growth, comprises “cornerstone digital business,” “spark data business,” and “Xinghai digital business,” each with its unique set of evaluative criteria.

China’s dedicated drive towards enhancing its digital space is undeniable. With the inception of this avant-garde blockchain-based data exchange, China is poised to reshape the global data trading paradigm.

About the author

Sharan Kaur Phillora’s thirst for knowledge has led her to study many different subjects, including NFTs and Blockchain technology – two emerging technologies that will change how we interact with each other in the future. When she isn’t exploring a new idea or concept, she enjoys reading literary masterpieces.

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