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 (NYSE:BABA) Cloud and Huawei, participated in the exchange's debut.
According to local news reports 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. Chen Chun, director of the National Laboratory (NYSE:LH) of Blockchain and Data Security, commented: