Beijing International Big Data Exchange Use Blockchain to Underpin Digital Transaction Contracts

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Beijing’s new big data marketplace has used blockchain technology for the development of a new form of digital trading contract.

The Beijing International Big Data Exchange (BIBDE) launched the blockchain-based “Digital Transaction Contract” (数字交易合约) on 12 November, which combines the exchange’s “oceanic volumes of data, advanced technology and compliance protections.”

“The dynamic transaction ledger created on the basis of the blockchain provides the supply and demand sides to data with reliable data integration and calculation environments,” said BIBDE.

“With regard to compliance protections, entry review and categorised regulation are implemented for transaction participations, while data sources are subject to legal compliance verification and regulatory compliance inspections, driving the execution of data transaction contracts.”

“Superficially, the Digital Transaction Contract is a digital transaction agreement between commercial data suppliers and application and service vendors, covering information including the transaction parties, services quotes, delivery method and deposit code,” said a BIBDE official. “It is a dynamic transaction account which highly reliable and traceable.

“In actuality, the Digital Transaction Contract is a complete solutions plan directed at specific data transactions. It not only breaks through the traditional early-phase model of single data trades by developing integrated trading models that cover data, algorithms and computational power – it also expands the achievable scope of pricing for data, and transforms algorithms, computational power and integrated services into digital assets that can be provided for trading.”

“At present data is a core factor of production resource, and even though there are general usage prices, the ownership of assets is not yet fully embodied. Only by achieving ownership confirmation, circulation and trading will it be possible for data resources to transform into quantifiable data assets, and truly unleash their intrinsic value via further financial innovations and upgrade into productive digital capital.”

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