China has introduced a groundbreaking blockchain-based data exchange platform designed to facilitate the seamless buying and selling of Web3 data between enterprises. The platform was revealed during the 2023 Hangzhou Summit, drawing the participation of more than 300 enterprises including tech giants Alibaba Cloud and Huawei.

The newly launched Hangzhou Data Exchange leverages blockchain technology to enable the secure trading of enterprise information technology data. This innovative approach ensures that transactions conducted on the exchange remain unalterable and can be traced back, enhancing transparency and data integrity. Chen Chun, the director of the National Laboratory of Blockchain and Data Security, highlighted that the platform utilizes research blockchain and privacy computing technologies to enable trusted data sharing while safeguarding privacy and security.

As of 2022, Hangzhou’s digital economy sector surpassed an impressive 500 billion Chinese Yuan (approximately $69 billion), constituting nearly 27% of the city’s GDP. Despite China’s rigorous stance on private blockchain enterprises, the country remains a staunch advocate of government-led blockchain initiatives. President Xi Jinping emphasized the significance of central bank digital currencies in expanding local currency settlements among SCO countries during the 2023 Shanghai Cooperation Organisation Conference.

While China has seen successes in its blockchain endeavors, some initiatives have encountered challenges. The national nonfungible tokens exchange, CDEX, initially set to launch, is still under development as of the latest update on Dec. 28, 2022. This exemplifies the complexities inherent in implementing large-scale blockchain projects.

China’s move towards a blockchain-powered data exchange marks another significant step in its pursuit of technological innovation and secure data sharing among enterprises.