Alibaba and Huawei Fuel Blockchain Data Exchange Debut
A new data exchange using blockchain technology was introduced at the 2023 Hangzhou Summit in China. This platform, called the Hangzhou Data Exchange, will allow companies like Alibaba Cloud and Huawei to trade Web3 data. More than 300 businesses, including these two tech giants, took part in the launch of this exchange.
Local news reports from August 23 revealed that the Hangzhou Data Exchange will use blockchain to enable the trading of IT data from different enterprises. The main goal is to ensure that trades made on the platform cannot be changed and can be easily tracked. Chen Chun, who oversees the National Laboratory of Blockchain and Data Security, mentioned:
“The Hangzhou Data Exchange uses technologies like research blockchain and privacy computing to securely share and effectively use data across different departments and regions, all while keeping data security and privacy intact.”
In 2022, Hangzhou’s digital economy grew to be worth over 500 billion Chinese yuan (around $69 billion), which accounted for nearly 27% of the city’s total economic output.
China has been tough on private blockchain companies throughout the year, but they strongly support government-led blockchain initiatives. Chinese President Xi Jinping highlighted the significance of central bank digital currencies (CBDCs) in increasing the use of local currencies in settlements among SCO countries during the opening of the 2023 Shanghai Cooperation Organisation (SCO) Conference. Recently, more than 100 million yuan (approximately $13.8 million) worth of digital yuan CBDC was distributed to Chinese residents to boost spending within the country.
However, not all projects have progressed smoothly. A national nonfungible token exchange called CDEX was supposed to launch, but as of the current time, the platform is still in development, as reported on December 28, 2022.