According to Cointelegraph, during the 2023 Hangzhou Summit held in Hangzhou, China, the government announced a new data exchange powered by blockchain technology. More than 300 enterprises, including Alibaba Cloud and Huawei, are expected to participate in the exchange’s debut.
With insights from local news reports from August 23, 2023, the new Hangzhou Data Exchange will enable trading of enterprise information technology data using distributed ledger technology.“[The Hangzhou Data Exchange] utilises research blockchain, privacy computing and other technologies to realise trusted sharing and effective use of data across departments and regions under data security and privacy protection,” Chen Chun, director, National Laboratory of Blockchain and Data Security, explained.
Sources revealed that in spite of the reduced market on private blockchain enterprises for most of the year, China continues to be a supporter of government-controlled blockchain efforts, Cointelegraph added.
Furthermore, the central bank digital currencies (CBDCs) is expected to play an important role in“expanding the share of local currency settlements of SCO countries,” Xi Jinping, Chinese President, during the initial opening of the 2023 Shanghai Cooperation Organisation (SCO) Conference, told Cointelegraph.
(With insights from Cointelegraph)
