The exchange is expected to play a big role in boosting the city's digital economy.
During the 2023 Hangzhou Summit held in Hangzhou, China, a new data exchange powered by blockchain technology was unveiled by government officials. Over 300 enterprises, including Alibaba Cloud and Huawei, participated in the exchange's debut.on Aug. 23, the new Hangzhou Data Exchange will facilitate the trading of enterprise information technology data using distributed ledger technology. Officials say the platform would ensure exchange trades are immutable and traceable.
"[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." In 2022, Hangzhou's digital economy sector surpassed 500 billion Chinese Yuan , accounting for nearly 27% of the city's GDP.on private blockchain enterprises for much of the year, China is a staunch supporter of government-controlled blockchain efforts.
During the initial opening of the 2023 Shanghai Cooperation Organisation Conference , China's President Xi Jinping said that central bank digital currencies
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