Alibaba Cloud, Huawei Join China’s New Blockchain Data Exchange

Hangzhou Summit 2023 unveils blockchain-powered data exchange with over 300 enterprise participants.
The new platform ensures immutable, traceable trades, promoting trusted data sharing across regions.
Despite private blockchain crackdowns, China strongly backs government-controlled blockchain initiatives.

At the 2023 Hangzhou Summit, China took a significant step in its blockchain journey by introducing the Hangzhou Data Exchange. This innovative platform, backed by blockchain technology, saw participation from over 300 leading enterprises, including giants like Alibaba Cloud and Huawei.

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The exchange aims to revolutionize the trading of enterprise IT data, ensuring that every transaction is both immutable and traceable. Chen Chun, the esteemed director of the National Laboratory of Blockchain and Data Security, emphasized the platform’s capabilities.

He highlighted its use of advanced blockchain and privacy computing technologies to foster trusted data sharing across various departments and regions, all while ensuring data security and privacy.

Hangzhou’s digital economy has been on a meteoric rise. In 2022, it exceeded a staggering 500 billion Chinese yuan, contributing to almost 27% of the city’s GDP. While China has been cautious with private blockchain enterprises, its support for government-led blockchain projects remains unwavering.

This commitment was further echoed by Chinese President Xi Jinping, who underscored the pivotal role of central bank digital currencies in enhancing local currency settlements.

As China continues to navigate the blockchain landscape, the future of blockchain in the nation looks promising. With cities like Hangzhou leading the charge, China is poised to become a global blockchain powerhouse, driving innovation and setting standards for the rest of the world.

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Antonella Martin

Antonella is a cryptocurrency and news writer who travels the world, finding inspiration in diverse cultures. She cherishes moments sitting on the beach, watching sunsets. Through her writing, Antonella explores the dynamic realm of cryptocurrency and delivers insightful news. Her work encapsulates both the excitement of finance and the serenity of nature's beauty.