The Zhejiang Chain is officially launched at the 2023 Global Digital Trade Expo on Nov 25. [Photo/hangzhou.com.cn]

The Zhejiang Chain, Hangzhou's next-generation urban digital infrastructure, was officially launched during the blockchain session at the 2023 Global Digital Trade Expo on Nov 25.

The Zhejiang Chain is envisioned as the backbone of the main blockchain for Hangzhou, similar to how the Qiantang River shapes the city's identity.

The chain leverages technologies such as blockchains, privacy computing, and security risk control. By establishing multiple data circulation channels across government institutions, enterprises, and social organizations throughout the city, it aims to facilitate efficient collaboration within the urban data network and stimulate the vitality of Hangzhou's digital economy.

As data becomes a foundational strategic resource at the national level, addressing the challenges associated with data circulation is becoming a crucial component of future digital city development. The Zhejiang Chain, by creating a data circulation network and unlocking its value, is considered a pivotal initiative in Hangzhou's endeavor to establish itself as the "leader of China's data industry".

The Zhejiang Chain has already embarked on initial explorations in some government scenarios. It has provided certification services for 568 digital transactions totaling 1.09 billion yuan ($152.47 million) at the Hangzhou International Digital Trading Center. It has also integrated with the Hangzhou Internet Court to offer judicial certification services for local enterprises.

The blockchain session of the 2023 Global Digital Trade Expo. [Photo/hangzhou.com.cn]