Chinese government officials have announced the launch of a data exchange leveraging blockchain technology during the 2023 Hangzhou Summit in China on Wednesday.According to local media<a href="https://www.sohu.com/a/714292327_123753?scm&#61;1102.xchannel%3A1588%3A100002.0.1.0%7E9010.8000.0.0.6662&amp;spm&#61;smpc.channel_258.block8_93_Qq9dRe_1_fd.7.1692795600010DA5oXoZ_1090" rel="noopener noreferrer nofollow"> reports</a>, the Hangzhou Data Exchange, introduced at the summit held in Hangzhou, aims to facilitate seamless buying and selling of Web3 data across enterprises. The event garnered participation from over 300 companies, including tech giants Alibaba Cloud and Huawei, marking a significant step towards embracing decentralized technology for data management.<h2 id="header-0">Enabling Web3 data trading</h2>It’s understood that the Hangzhou Data Exchange has been established with the aspiration of revolutionizing the trading landscape for enterprise information technology data by harnessing the capabilities of distributed ledger technology. Officials emphasize that the platform’s implementation will ensure that transactions conducted through the exchange remain unalterable and traceable.Chen Chun, the Director of the National Laboratory of Blockchain and Data Security, provided insights into the exchange’s advanced features, stating that it integrates research blockchain, privacy computing, and other cutting-edge technologies to establish a secure and confidential environment for sharing and utilizing data across departments and regions.Hangzhou’s digital economy sector has demonstrated significant growth, surpassing 500 billion Chinese yuan (equivalent to $69 billion) in 2022. This accounted for nearly 27% of the city’s total GDP. It suggests that the city is putting a strategic focus on technological development and innovation.<h2 id="header-1">Complex blockchain strategy</h2>China’s stance on blockchain technology has been complex. While the Chinese authorities have been rigorous in regulating private blockchain enterprises, they have simultaneously championed government-led blockchain initiatives.President Xi Jinping, during the inauguration of the 2023 Shanghai Cooperation Organization Conference (SCO), highlighted the significance of central bank digital currencies (CBDC) in expanding the use of local currencies for settlements among SCO member countries. In a move to stimulate domestic spending, the Chinese government recently distributed over 100 million yuan worth of digital yuan CBDC to its residents.China’s promotion of its digital yuan has been unrivaled. Over the course of recent months, various initiatives have been launched to further the use of the CBDC. These initiatives have included<a href="https://medium.com/&#64;coinness.gl/china-to-pay-state-employees-in-digital-yuan-2a2fdce81a97" rel="noopener noreferrer nofollow"> paying</a> state employees with the currency in Changshu,<a href="https://medium.com/&#64;coinness.gl/chinas-jiangsu-province-integrates-digital-yuan-into-education-system-d0fe47141e1a" rel="noopener noreferrer nofollow"> integration</a> of the currency into the education system in Jiangsu province, and the<a href="https://medium.com/&#64;coinness.gl/china-launches-digital-yuan-atms-in-hainan-resort-city-of-sanya-3d77a7b6baf1" rel="noopener noreferrer nofollow"> installation</a> of digital yuan ATMs in Hainan, among many other such projects.Likewise, when it comes to metaverse development, a series of initiatives have been established recently. Henan province<a href="https://medium.com/&#64;coinness.gl/henan-province-establishes-metaverse-fund-1ae00a2321d8" rel="noopener noreferrer nofollow"> established</a> a metaverse fund in May to support metaverse-related projects. In the same month, a National Blockchain Center was<a href="https://medium.com/&#64;coinness.gl/china-launches-national-blockchain-center-to-develop-talent-bda8225729fa" rel="noopener noreferrer nofollow"> established</a> to develop talent within the sector. Around the same time frame, the city of Zhengzhou<a href="https://medium.com/&#64;coinness.gl/chinese-city-unveils-plan-to-develop-metaverse-239f003955f9" rel="noopener noreferrer nofollow"> announced</a> proposals geared towards supporting the growth and development of metaverse companies.The unveiling of the Hangzhou Data Exchange underscores China’s ongoing determination to harness blockchain’s potential, in this case relative to enhancing data trading and management within the Web3 ecosystem.

China Unveils Blockchain-Powered Data Exchange

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