China Launches Blockchain-Based Data Exchange At Hangzhou 2023 Summit

China made a data exchange using blockchain technology. (Photo; Doc. Techgenez)

JAKARTA - On August 23, the Hangzhou 2023 Summit showed the city's advanced steps in creating a future with the launch of data exchanges using blockchain technology.

This step is led by officials in the High Technology Zone (Binjiang) with the main aim of reshaping the dynamics of data trading in the company's Information Technology (IT) sector.

Dr. Chen Chun, an academic at the Chinese Academy of Engineering and the figure behind the National Key Laboratory of Blockchain and Data Security, underlined the importance of this move.

"With research focused on blockchain and privacy computing, our main goal is to ensure reliable data exchanges in various regions and departments, with a focus on data security and privacy," Chun said.

This data exchange also leverages smart contracts, which open up opportunities for more efficient data sharing and encourage wider participation in the data sector.

Strengthen IT And Big Data

In 2022, Hangzhou's digital economy experienced rapid growth, contributing nearly 60% of Zhejiang's total economy and 27% of the city's Gross Domestic Product (GDP). Therefore, the Hangzhou Data Exchange aims to encourage efficient data circulation, build innovative business models, and support the development of comprehensive digital transaction services.

This data exchange is also working closely with "China Data Valley" and involves entities such as Blockchain Laboratory and Data Security at Zhejiang University, Hangzhou Financial Investment Group, and China Mobile Information Technology Company. This collaboration aims to deepen research in blockchain and data security, build advanced data infrastructure, and become a pioneer in data asset exploration.

Tao Tao, Deputy General Manager of China Mobile Information Technology Co, Ltd, affirmed their commitment to strengthening information technology and big data.

"With China Data Valley as its center, we seek to generate a comprehensive data asset map that covers a wide range of industries, to increase the effect of large-scale data circulation," Tao said.

During the meeting, Zheng Di, Deputy Secretary of the Party Committee and Director of the Management Committee, introduced innovative classifications for the digital business.

This classification includes different stages of development, such as "land digital business," "sampling data business," and "digital business Xinghai," with different metrics of recognition and evaluation for each category.

With a strong commitment to developing digital borders, China has now introduced blockchain-based data exchanges that can change data trading paradigms globally.