China govt partners with Huawei & Alibaba to unveil blockchain-powered data exchange

During the 2023 Hangzhou Summit, Chinese government officials unveiled a groundbreaking development in the world of data exchange - the Hangzhou Data Exchange. This state-of-the-art platform leverages blockchain technology to facilitate the secure buying and selling of Web3 data among enterprises. With over 300 participating enterprises, including tech giants Alibaba Cloud and Huawei, this launch marks a significant milestone in the data trading landscape.

A secure & immutable data exchange

The Hangzhou Data Exchange promises to revolutionise data trading by ensuring the integrity and traceability of exchange transactions. Utilising blockchain's distributed ledger technology, this platform guarantees that data trades are both immutable and traceable, a crucial feature in today's data-driven world. Chen Chun, Director of the National Laboratory of Blockchain and Data Security, emphasised that the exchange utilises research blockchain and privacy computing technologies to enable trusted data sharing while prioritising data security and privacy protection.

China's commitment to blockchain innovation

Despite recent regulatory crackdowns on private blockchain enterprises, China remains a steadfast supporter of government-controlled blockchain initiatives. Chinese President Xi Jinping highlighted the importance of central bank digital currencies (CBDCs) during the 2023 Shanghai Cooperation Organisation (SCO) Conference, emphasising their role in expanding local currency settlements among SCO countries. China has also recently airdropped over 100 million yuan ($13.8 million) worth of digital yuan CBDC to stimulate domestic spending.

While China's blockchain journey has faced some challenges, such as delays in launching its national nonfungible token exchange, CDEX, the unveiling of the Hangzhou Data Exchange underscores China's dedication to blockchain innovation.