At Hangzhou Summit 2023, China unveils a game-changing blockchain data exchange that will revolutionize global data commerce.
On August 23, High-tech Zone (Binjiang) officials launched a blockchain-powered data exchange as part of the 2023 Hangzhou Summit, demonstrating the city’s strides into the future. Significantly, this platform aims to transform enterprise IT data trading dynamics.
Defining Data Transfer
Chen Chun, a member of the Chinese Academy of Engineering and the director of the National Key Laboratory of Blockchain and Data Security, highlighted the significance of this transaction. He declared,
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.
In addition, by incorporating intelligent contracts, this initiative paves the way for efficient data sharing, encouraging widespread participation in the data industry.
In 2022, Hangzhou’s digital economy flourished, representing nearly 60% of Zhejiang’s share and a staggering 27% of the city’s GDP. Consequently, the primary objective of the Hangzhou Data Exchange is to promote efficient data circulation, construct innovative business models, and contribute to the development of a comprehensive digital transaction service capability.
Connecting Technology to The Economy
In addition, partnerships are in full motion, with “China Data Valley” teaming up with organizations such as Zhejiang University’s Blockchain and Data Security Laboratory, Hangzhou Financial Investment Group, and China Mobile Information Technology Company. Consequently, they intend to delve deeply into blockchain and data security research, construct cutting-edge data infrastructure, and pioneer the exploration of data assets.
The Deputy General Manager of China Mobile Information Technology Co., Ltd., Tao Tao, expressed the company’s dedication to enhancing communication technology and big data. He claimed,
“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.”
In addition, Zheng Di, Deputy Secretary of the Party Committee and Director of the Management Committee presented innovative classifications for digital businesses during the summit.
This stratification, based on various phases of development, includes “cornerstone digital business,” “spark data business,” and “Xinghai digital business,” each with its own identification and evaluation metrics.
China’s commitment to advancing its digital frontier is unmistakable, and with this new blockchain-based data exchange, the country may redefine global data trading.
