The platform will make it easier for businesses to exchange Web3 data, and participants will include Alibaba Cloud and Huawei.
The 2023 Hangzhou Summit in China presented a trailblazing effort destined to transform the way businesses share and sell data in a stunning display of technological power. The launch of the Hangzhou Data Exchange, a ground-breaking platform propelled by the transformative possibilities of blockchain technology, was marked by a confluence of over 300 industry titans, including powerhouses like Alibaba Cloud and Huawei.
Empowering Data Exchange Through Blockchain
The Hangzhou Data sharing is on a trailblazing mission to develop a cutting-edge paradigm in data sharing by utilizing the possibilities of distributed ledger technology. The selling of company information technology data is expected to be facilitated by this cutting-edge platform, according to reports that started to surface on August 23rd. The exchange assures that transactions are immutable thanks to its solid blockchain base, providing an unheard-of level of traceability and security.
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The acclaimed director of the National Laboratory of Blockchain and Data Security, Chen Chun, offered his perspective on this revolutionary development:
“[The Hangzhou Data Exchange] utilizes research blockchain, privacy computing and other technologies to realize trusted sharing and effective use of data across departments and regions under data security and privacy protection.”
China’s Technological Metamorphosis
China’s position on commercial blockchain projects has come under intense criticism, but it continues to promote initiatives that are overseen by the government. President Xi Jinping emphasized the crucial significance of central bank digital currencies (CBDCs) during the 2023 Shanghai Cooperation Organisation (SCO) Conference as evidence of his commitment to this cause. Through CBDCs, the range of local currency settlements among SCO countries is projected to grow, demonstrating China’s strategic perspective.
China organized an unprecedented airdrop of its digital yuan CBDC, injecting over 100 million yuan ($13.8 million) into its economy as proof of its commitment to boosting domestic consumption. Despite these successes, not all initiatives have been successful. As of our publishing date on August 23rd, the ambitious national nonfungible token exchange, CDEX, had encountered difficulties and was still in the planning stages.
With the launch of the Hangzhou Data Exchange, a hopeful future where data flows freely, safely, and effortlessly is opened up, promoting a time of creativity, collaboration, and revolutionary potential.
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