China Unveils Blockchain-Powered Data Exchange: Hangzhou Summit

• China unveiled its new blockchain-powered data exchange at the Hangzhou Summit.
• Over 300 companies took part in the launch of the data exchange.
• Chinese President Xi Jinping highlighted the importance of CBDC during SCO Conference’s opening ceremony.

China Unveils Blockchain-Powered Data Exchange

Chinese officials have introduced a new blockchain-based data exchange during the 2023 Hangzhou Summit in Hangzhou, China. More than 300 companies took part in the launch of this exchange, which will use distributed ledger technology to make it easier for businesses to trade their IT data. The platform will ensure that trades are irreversible and auditable.

Banking on CBDC

The digital economy industry in Hangzhou contributed approximately 27% of the city’s GDP in 2022, exceeding $69 billion. China has been a strong backer of government-controlled blockchain initiatives, including promoting Central Bank Digital Currency (CBDC). President Xi Jinping emphasized its importance during SCO Conference’s opening ceremony, and CBDC worth over $13.8 million was recently airdropped to Chinese citizens as an effort to increase domestic consumption. However, not every effort has been successful — CDEX, an official NFT exchange set to debut on December 28th 2022 is still under development.

Data Exchange Launch

The head of the National Laboratory for Blockchain and Data Security, Chen Chun stated: “[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.” By launching this platform at the Hangzhou Summit with more than 300 participating companies, China is taking another step forward towards utilizing blockchain technology for economic growth and development .

Highlighted Crypto News Today

Bitcoin failed to recover from its recent crash – leading analysts believe more crashes may be on their way due to continued instability in market conditions caused by pandemic uncertainties . This news highlights once again how important it is for investors to keep track of developments in cryptocurrency markets before making any decisions about buying or selling cryptocurrencies .


With China’s latest move towards launching a blockchain-powered data exchange at the Hangzhou Summit with over 300 participating companies , it shows that authorities are looking into ways they can utilize technology for economic growth . Despite some challenges faced , such as CDEX being under development , there are many positives coming out from using distributed ledger technology . Investors should keep up with news related to cryptocurrency markets before investing so they can take informed decisions regarding their investments .