A new blockchain-driven platform designed to revolutionise how enterprises trade big data was unveiled at the China Digital Valley Summit on Thursday. The move has been called “groundbreaking” and affirms China’s commitment to leading global Web3 development.
The Hangzhou Data Exchange (HDE) aims to foster data circulation with unprecedented trust and privacy. The platform will achieve this through “digital certificates” underpinned by blockchain technology and smart contracts, which are programs on the blockchain that only run when certain conditions are met. These certificates will be awarded to buyers and sellers in data transactions, clarifying each side’s data property rights and transaction conditions.
“We hope that Hangzhou Data Exchange’s digital certificates can dispel the concerns of both parties in data transactions, solve the problem of mutual trust between enterprises, reduce transaction costs, and improve transaction efficiency,” said Zhou Yu, General Manager of HDE.
Over 300 businesses have already signed up to participate in the Hangzhou Data Exchange, including major players in China’s tech sector like Alibaba Cloud, Huawei, and Baidu.
The summit also saw Hangzhou Data Exchange award its first batch of digital certificates to Wasu Media, a Hangzhou-based television company, for the sale of user viewing habits data to Zhejiang Media College, which will use the data as sample materials in courses.
A recent white paper released by Beijing Municipal Science and Technology Commission calls Web3, a vision for the internet’s future underpinned by the blockchain, an “inevitable trend for future Internet industry development”. While some have heralded the document as an about-face in China’s approach to Web3 in light of the government’s blanket ban on cryptocurrencies, the white paper makes clear China’s intention to harness Web3 in a highly regulated fashion that serves the wider goals of the country.