China launches blockchain-powered data exchange

During the 2023 Hangzhou Summit held successful Hangzhou, China, a caller information speech powered by blockchain exertion was unveiled by authorities officials. Over 300 enterprises, including Alibaba Cloud and Huawei, participated successful the exchange's debut.

According to section quality reports connected Aug. 23, the caller Hangzhou Data Exchange volition facilitate the trading of endeavor accusation exertion information utilizing distributed ledger technology. Officials accidental the level would guarantee speech trades are immutable and traceable. Chen Chun, manager of the National Laboratory of Blockchain and Data Security, commented: 

"[The Hangzhou Data Exchange] Utilizes probe blockchain, privateness computing and different technologies to recognize trusted sharing and effectual usage of information crossed departments and regions nether information information and privateness protection."

In 2022, Hangzhou's integer system assemblage surpassed 500 cardinal Chinese Yuan ($69 billion), accounting for astir 27% of the city's GDP.

Despite cracking down harshly connected backstage blockchain enterprises for overmuch of the year, China is simply a staunch protagonist of government-controlled blockchain efforts. 

During the archetypal opening of the 2023 Shanghai Cooperation Organisation Conference (SCO), China's President Xi Jinping said that cardinal slope integer currencies played an important role successful "expanding the stock of section currency settlements of SCO countries." Recently, implicit 100 cardinal Yuan ($13.8 million) worthy of the digital-Yuan CBDC was airdropped to Chinese residents to stimulate home spending. 

That said, not each initiatives person gone well. On Dec. 28, 2022, Cointelegraph reported that the state was supposedly in the last stages of launching its nationalist nonfungible tokens speech CDEX. The level remains nether improvement astatine the clip of publication. 

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