Beijing international big data exchange to solve trading problems

  On March 31, Beijing Municipal Bureau of economy and information technology, together with Beijing Municipal Bureau of finance, Beijing Municipal Bureau of Commerce, Beijing Municipal Office of information technology, etc., organized Beijing Financial Holding Group to lead the establishment of Beijing International Big Data Trading Co., Ltd. (hereinafter referred to as “Beijing Digital Exchange”), which is the first data trading company in China based on the new trading paradigm of “data available, invisible, controllable and measurable” However, how to protect data security still needs more technical support and legal constraints, and the relevant regulatory and legal system for data privacy security also needs to be improved.

The first new trading paradigm data exchange

In September 2020, Beijing Municipal Bureau of economy and information technology, Beijing Municipal Bureau of Commerce, Beijing Municipal Bureau of Finance and Beijing Municipal Office of network information technology of the CPC Beijing Municipal Committee officially issued the implementation plan for the establishment of Beijing international big data exchange, planning and designing the construction content of Beijing Big Data Trading infrastructure.

In March 2021, initiated by Beijing Financial Holding Group Co., Ltd., Beijing International Big Data Trading Co., Ltd. was registered and established, with a registered capital of 200 million yuan, as the main operation body of Beishu.

Beishusuo is the first data exchange in China based on the new trading paradigm of “data available and invisible, usage controllable and measurable”. Under the premise of protecting personal privacy and information security, it will give play to the dual wheel drive of technology intensive and data intensive, promote circulation by technology, promote innovation by circulation, and explore new industries, new formats and new modes of digital economy.

Yin Yong, member of the Standing Committee of the CPC Beijing Municipal Committee and vice mayor of Beijing, said that at present, Beijing is building a multi-level, safe and responsible data trading system. With the cultivation of data trading market and the release of data element value as the core, the Institute will build a financial technology infrastructure based on Beijing Tianjin Hebei, radiating and driving the whole country and providing services to the world.

In an interview with Beijing business daily, Jiang Zhaosheng, director of blockchain research and researcher of digital assets Research Institute of the 101 think tank, analyzed the significance of the establishment of BDS. On the one hand, the establishment of BDS marks a key step in the field of data trading and digital economy in Beijing, which is expected to further release the value of data, cultivate the data trading market, and make it a leading data center in China On the other hand, as the first data exchange in China based on the new trading paradigm of “data available, invisible, controllable and measurable”, the establishment of Beijing Institute of statistics also marks the acceleration of the marketization process of data elements, which will provide more reference for the construction of data element trading market in other regions of the country, So as to promote the sound and rapid development of the national digital economy.

Breaking data ownership unclear pain point

The subject of data transaction has a long history. However, unlike land, labor, capital and other production factors, data has the characteristics of extremely low cost, strong regeneration, and difficult to establish exclusivity. Unclear definition of ownership, disordered factor circulation, lack of pricing mechanism, and insufficient security protection have always been the pain points that hinder the efficient allocation of data elements.

In order to solve these pain points, the Institute will highlight “one new and three characteristics”. On the basis of promoting the underlying technological innovation, it will take the use value of data as the basic transaction object, explore the characteristic mode, characteristic rules and characteristic ecology, and create a new model of national data transaction exploration.

In terms of access, the Institute will implement the membership system of real name registration, conduct compliance audit on data sources, and standardize the management of data transactions. In terms of management, it implements hierarchical and classified data management, and innovates a variety of integrated use modes, such as free and open, authorized call, common modeling, federal learning, encrypted computing, etc. In the aspect of circulation, it explores the price system covering the whole life cycle of data transaction from data, algorithm pricing to income distribution, and forms the data right confirmation framework covering the whole data industry chain. In terms of industrial chain extension, we should cultivate intermediary organizations such as data source compliance review, data asset pricing, dispute arbitration, etc.

When it comes to the “one new and three characteristics” of Beijing Institute of statistics, Liu Feng, director of the blockchain technology and Application Research Center of Shanghai University of foreign trade and economics, said frankly that Beijing Institute of statistics mainly aimed at the problems of unclear ownership definition of data elements, disordered circulation of elements, lack of pricing mechanism, insufficient security protection, etc. Make full use of blockchain technology, in-depth learning and other intelligent technologies to escort the right confirmation transaction of data elements. While making full use of advanced technology, it also considers the security and privacy of data sources from the perspective of business. At the same time, combined with the ecological advantages of large commercial banks, telecom operators and head Internet enterprises in the industrial chain, it gives full play to the diversification of data sources, and actively promotes the steady and controllable data innovation.

According to the Beijing business daily, BDS will also explore the establishment of big data asset evaluation and pricing, trading rules, standard contracts and other policy systems, actively promote the application of data innovation and integration into the “regulatory sandbox”; build a data trading market risk prevention and control system, establish a data security filing mechanism and a data market security risk early warning mechanism, and strengthen the digital foundation in key areas Facility security.

Explore the establishment of supervision sandbox

As an important part of Beijing to create a “global digital economy benchmark city”, how to operate and manage the Institute is very important. Yin Yong believes that “the data exchange should standardize its operation, establish a data flow audit mechanism and a hair trigger data security supervision ability, and protect personal privacy and business secrets. Relevant departments should do a good job in data trading business guidance and supervision, actively dock with relevant departments of the state, strive for more policy support, explore the establishment of regulatory sandbox, and strive for more trials in automatic driving demonstration area map, digital security capability certification, etc.

In terms of building a risk prevention and control system for data trading market, fan Wenzhong, chairman of Beijing Financial Holding Group, stressed that “strengthen the security of digital infrastructure in key areas, and protect patents, digital copyright, trade secrets and personal privacy data. We will actively study local regulations and standards, promote the formulation of local regulations and standards for data trading, and explore the establishment of policy systems such as big data asset evaluation and pricing, trading rules, and standard contracts.

As Jiang Zhaosheng said, “data can only play its value when it flows. To a certain extent, the establishment of Beijing Institute of statistics can solve the problem of data pricing and transaction, but more technical support and legal constraints are needed to protect data security. Technically, blockchain technology, zero knowledge proof, multi-party security computing and other privacy computing technologies are not fully mature at present, and they still need to be continuously researched, invested and applied. Legally, data privacy security related supervision and legal system also need to be improved, including but not limited to the construction of data governance system, supervision and coordination of cross-border and cross regional data flow. He further said, “at the same time, the Institute can improve the efficiency of data elements circulation, but how to use data after trading and how to be regulated also need to be further explored.”

Song Yixia, Beijing Business Daily

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