Hangzhou Data Exchange, a new platform based on distributed ledger technology (DLT) for enterprises to trade IT data, has been unveiled in China. Over 300 local businesses have supported the data exchange within the new blockchain network.

China Launches Blockchain Network for Data Exchange

During the Hangzhou Summit 2023 conference in China, local officials unveiled a new blockchain-based data exchange platform, Hangzhou Data Exchange. This was reported by local media.

The main purpose of Hangzhou Data Exchange is to provide secure IT data trading in the B2B sector. According to Chen Chun, Director of the National Laboratory of Blockchain and Data Security, the platform will be a place where large companies can exchange data without worrying about its security and privacy.

Government officials also said that Hangzhou Data Exchange had already been backed by more than 300 Chinese enterprises, including Alibaba Cloud, Huawei, and China Mobile. The initiative plans to further test advanced blockchain technologies in data security. An agreement between representatives of Zhejiang University, Hangzhou Finance & Investment Group, and IT company Zhongyi has been signed. The cooperation will involve the creation of infrastructure for data exchange and testing various options for aggregation and distribution of data elements.

The PRC authorities are actively supporting and developing state blockchain initiatives. Thus, the country launched the China Digital Asset Trading Platform, a platform for exchanging non-fungible tokens developed to create an internal NFT market. More than half a million blockchain specialists are planned to be trained based on the National Blockchain Technology Innovation Center.

Author: Ana Bustos García
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