China’s Innovative Hangzhou Data Exchange Revolutionizes Global Data Trading
China has taken an impressive step into the future of data trading with the unveiling of an advanced blockchain data exchange. This groundbreaking move was announced during the 2023 Hangzhou Summit, where China showcased its dedication to innovation and technology. The newly established Hangzhou Data Exchange is set to reshape the dynamics of enterprise IT data trading, potentially ushering in a revolution in global data transactions.
Chen Chun, an esteemed academician of the Chinese Academy of Engineering and a driving force behind the National Key Laboratory of Blockchain and Data Security, emphasized the crucial role this exchange will play. He highlighted, “Through our research in blockchain and privacy computing, our goal is to establish a trusted system for data sharing across various regions and departments, with utmost emphasis on data security and privacy.” Furthermore, the integration of smart contracts within this initiative promises to facilitate efficient data sharing, encouraging broad participation in the data industry.
Hangzhou, a significant player in China’s digital economy, witnessed its digital economy sector surpassing 500 billion Chinese yuan (equivalent to approximately $69 billion) in 2022, contributing to nearly 27% of the city’s GDP. Consequently, the Hangzhou Data Exchange is laser-focused on promoting efficient data circulation, nurturing innovative business models, and contributing to the development of a comprehensive digital transaction service infrastructure.
Collaboration is in full swing, with “China Data Valley” forming partnerships with prestigious institutions such as Zhejiang University’s Blockchain and Data Security Laboratory, Hangzhou Financial Investment Group, and China Mobile Information Technology Company. Together, they aim to delve into blockchain and data security research, construct cutting-edge data infrastructure, and lead the exploration of valuable data assets.
Tao Tao, the Deputy General Manager of China Mobile Information Technology Co., Ltd., reaffirmed their commitment to optimizing communication technology and leveraging big data. He expressed, “With ‘China Data Valley’ as our core, our ambition is to create a comprehensive data asset ecosystem spanning various industries, thereby magnifying the scale effect of data circulation.”
Additionally, during the summit, Zheng Di, the Deputy Secretary of the Party Committee and the Director of the Management Committee, introduced innovative classifications for digital businesses. These classifications, based on different stages of development, include “cornerstone digital business,” “spark data business,” and “Xinghai digital business,” each accompanied by distinct identification and evaluation criteria.
China’s unwavering dedication to advancing its digital landscape is undeniable, and the introduction of this new blockchain-driven data exchange positions the nation to redefine global data trading dynamics on an unprecedented scale. However, it’s important to acknowledge that challenges persist, as exemplified by the delayed launch of the national nonfungible token exchange, CDEX. This underscores the inherent complexities in pioneering new technologies. Nevertheless, China’s commitment to blockchain innovation remains steadfast, and the world will be closely monitoring its future strides in this dynamic space.
