Big data transactions have ushered in a wave of upsurge.

In January this year, the Hunan Big Data Exchange was put into trial operation in Changsha.

This is the latest new type of big data exchange established in China after Guizhou, Shaanxi, Beijing and Shanghai.

At the same time, many governments and enterprises are also actively preparing to build data trading venues.

  As a new factor of production, data is called the "oil" of the digital economy era, and its value cannot be ignored.

What is the underlying logic behind the rise in big data transactions?

What preparations do you need to make to tap this valuable resource?

  Beijing, Shanghai and other places develop data transactions

  According to incomplete statistics, since 2014, more than 40 cities in my country have announced plans to build or are building data trading venues.

In addition, there are a large number of places where data transactions are mainly carried out by a certain enterprise.

  Under the new round of technological and industrial transformation, data that is continuously generated every day and every minute is listed as a factor of production like land, labor, and capital, and is playing an increasingly important role in economic and social development.

  Data is hailed as the "oil" of the digital economy era.

Experts said that just as oil drove the development of the industrialization era, big data will drive the development of the information and intelligence era.

Because of this, the commodity attributes of data are becoming increasingly prominent.

  However, according to the observation of Huang Lihua, executive deputy director of the National Engineering Laboratory for Big Data Circulation and Transaction Technology and a professor at Fudan University, the annual growth rate of data volume in the whole society is about 40%, but the growth rate of the amount of data that is actually used is only 5.4%.

  "We need to make the data flow, and let the data really play its value. To flow, it means that there needs to be an intermediate link." Huang Lihua said.

  In April 2020, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect Market-Based Allocation System and Mechanism for Factors" was released, proposing to accelerate the cultivation of the data factor market.

Data-related regulations and measures have been promulgated in various places.

Recently, many places have ushered in a boom in the construction of big data trading markets.

  At the end of 2021, the Shanghai Data Exchange will be inaugurated in Pudong New Area. The first batch of "digital merchants" will be 100, and 20 data products will be registered and listed.

  Beijing International Big Data Exchange, established in March 2021, is known by the industry as a landmark institution that opens the 2.0 era of national data exchanges.

This institution adopts a new transaction paradigm of "available and invisible data, controllable and measurable uses", and has now settled in more than 100 units.

  "We are similar to a large supermarket." Li Min, head of the Northern Digital Institute, used this analogy to explain the content of data transactions, "There are both a 'fresh food area' that sells raw data, and a 'food department store area' that sells finished data products. ', and the 'Ordering Processing Zone', which can meet the diverse transaction needs of customers of different types and levels."

  According to reports, the products traded by Beijing Digital Exchange include data, algorithms, and computing power.

For example, taking "Kung Pao Chicken" as an example, there are not only data raw materials such as "chicken or cucumber", but also algorithms such as "Kung Pao Chicken Recipe", as well as the "kitchen" that makes the finished dishes. force.

  Data application: improve the efficiency of credit evaluation and the accuracy of advertising

  It is understood that the current suppliers of data exchanges mainly include data-intensive enterprises such as China Telecom, China UnionPay, State Grid, etc., data suppliers such as Wind and Aggregate Data that integrate “purchasing and sales”, and other authorized participants in the transaction. enterprise.

  The demand side mainly includes financial enterprises, online service enterprises (e-commerce platforms, etc.), online advertising enterprises, science and technology companies, scientific research institutions, etc. The main purpose of acquiring data is to strengthen market forecasting, carry out intelligent operation and scientific decision-making.

  As a new factor of production, data has its own particularity.

"Unlike traditional resources, data is not an isolated resource." Huang Lihua said that the data element can improve the allocation efficiency of the other four traditional element resources, and has a "multiplier effect", and there are also some special considerations in the transaction.

  The reporter learned that the current hot products of data trading mainly focus on credit calculation and online advertising.

  For example, a transaction reached on the first day of the establishment of the Shanghai Digital Exchange was the “Enterprise Power Smart Painting” between the Shanghai Branch of the Industrial and Commercial Bank of China and the State Grid Shanghai Electric Power Company.

After desensitizing and in-depth processing of enterprise electricity consumption data, State Grid Shanghai Electric Power forms a data product covering enterprise electricity consumption behavior, payment, level, trend, etc., and provides it to ICBC.

Using this product can reduce the risk of information asymmetry and time cost when banks identify customers, and at the same time provide credit support for enterprises to apply for credit business.

  All of the digital transaction contracts of Beishu are called "digital portraits of corporate financial inclusion".

The contract application provider is the Beijing branch of a bank, aiming to solve the pain points of marketing and customer acquisition in inclusive finance business.

This transaction only exchanges calculation results but not data. Combined with the bank's own business data, it can provide accurate digital portrait services for small and micro enterprises.

  What is the basic process of data transaction?

  According to reports, "Shu Shang" first needs to find a law firm for compliance review to confirm whether the data source is legal and whether the processing is appropriate.

  So, how to assess the value of data?

  Huang Lihua proposed that data products can be divided into public data and non-public data (commercial data). In terms of specific pricing methods, public data pricing generally adopts the method of processing costs plus appropriate profits to form government-guided prices; commercial data product pricing is commonly used. There are cost-plus pricing, demand-side revenue pricing, and market pricing.

  It is worth noting that not all data is tradable.

"Only data products that can be calculated by computers, have a certain generality, can be described clearly, repeat transactions, and comply with national laws can be traded." Huang Lihua said.

  No scene, no transaction, no personal privacy

  Industry insiders reminded that you should not forget to fasten your seat belt while pressing the "fast travel button".

At present, the construction of my country's data circulation trading market is still in the exploratory period, and many people are worried that personal data will be traded, resulting in legal risks.

  Shan Dongming, deputy director of the Information Promotion Division of the Shanghai Municipal Commission of Economy and Informatization, introduced that the current principles of the Shanghai Digital Exchange are that no listing, no transaction without a scene, no touching of personal privacy, involving national security and violating public interests are excluded.

  If data is likened to potatoes in a vegetable market, in traditional transactions, sellers don’t care what they are buying potatoes for.

In the data exchange market, the buyer must state "whether the potatoes were bought for french fries or stew".

  It is understood that the Shanghai Digital Exchange will conduct a compliance review before data products are listed, and professional institutions will certify legal risks and determine the data security level by classification.

Different levels of data will correspond to different levels of delivery methods.

  For the data purchaser's breach of contract to use the data product afterwards, the data seller can protect the rights through the data arbitration center to ensure that the data purchaser uses it in accordance with the law.

In addition, the Shanghai Digital Exchange is currently exploring the establishment of an integrity management system, and companies that use data in breach of contract will be included in the Shanghai Digital Exchange's list of dishonest.

  Li Min said that Beijing Digital Institute is introducing a data audit mechanism. If a third-party data audit agency finds that the buyer uses data in violation of regulations, it will provide materials to Beijing Digital Institute and relevant departments.

  At present, many countries around the world have realized the value of data assets and have issued relevant regulations.

my country has formed the compliance "troika" of the Personal Information Protection Law, the Cybersecurity Law, and the Data Security Law. There are also many laws, regulations, rules and national standards related to data compliance.

However, experts admit that there are still institutional challenges in data compliance review.

  The General Office of the State Council recently issued an overall plan for the comprehensive reform of the market-based allocation of factors, which mentioned the establishment and improvement of data circulation and transaction rules.

Explore the transaction paradigm of "raw data is out of the domain, data is available and invisible", and on the premise of protecting personal privacy and ensuring data security, promotes data circulation and application in some fields in a hierarchical, step-by-step and orderly manner.

  "The construction of the data circulation and trading market is a complex systematic project, which needs to be considered from the aspects of institutional system, market system, infrastructure and supervision system. Guide the orderly, healthy and rapid development of my country's data trading market." Huang Lihua said.

  Xinhua News Agency, Beijing, February 17. Xinhua News Agency reporters Shu Jing, Gong Wen and Zhang Chao

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