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Three major pain points of the great unification of the financial market and the local data exchange: difficulty in confirming rights, scattered technical system, and different regulatory standards

Time : 15/09/2021 Author : fxqhup Click : + -
        On April 10, the opinions of the CPC Central Committee and the State Council on accelerating the construction of a national unified market (hereinafter referred to as the opinions) was officially released. The opinions put forward that it is necessary to accelerate the cultivation of unified technology and data market, accelerate the cultivation of data factor market, establish and improve basic systems and standards such as data security, rights protection, cross-border transmission management, transaction circulation, open sharing, and security certification, carry out in-depth data resource investigation, and promote the development and utilization of data resources. In the view of the insiders, this may accelerate the comprehensive integration of local data exchanges in terms of data rights confirmation, data pricing, data trading, data security, data value-added cooperation, and lay a good foundation for the "integration" of national data trading.
        According to the data, in recent years, data exchanges have been established in Guangdong, Beijing, Shanghai, Zhejiang, Guizhou and other places. At present, more than 30 data exchanges have been initiated throughout the country. At the same time, there are many differences in the regulatory standards and standard operations of local data exchanges in terms of data rights confirmation, data pricing, data trading, data security, data value-added cooperation, etc., resulting in local data transactions "fighting by themselves", unable to form a unified market, and unable to maximize the data use effect. The reporter learned from various sources that there are three major pain points in promoting the "integration" of data transaction operation standards in local digital exchanges at present & mdash& mdash; In terms of policy, how to define and define data as an asset, the data exchanges in various places still lack unified evaluation standards, policy planning and legal support, resulting in many differences in the data rights confirmation process, causing many users of data to encounter a lot of use troubles; On the technical level, the local data exchange has not yet established a unified technical system to support the cross industry, cross region and cross level application of data, resulting in a significant increase in the operational cost and compliance risk of enterprise transaction data; In terms of business, different management standards for data rights confirmation, pricing and security guarantee in different places have greatly restricted the expansion of data application scenarios, and invisibly restricted the activity of data transactions.
        Last year, the people's Bank of China organized commercial banks, clearing institutions, and non bank payments in Beijing, Jiangsu, Zhejiang, Shandong, Henan, Hubei, Hunan, Guangdong, Guangxi, Chongqing, Sichuan, Guizhou, Gansu, Xinjiang, and other regions to carry out pilot projects for comprehensive application of financial data. The pilot aims to explore the use of artificial intelligence, big data, Internet of things, privacy computing and other new generation information technologies, promote efficient governance and safe sharing of financial data on the premise of safety and compliance, realize cross level, cross institutional and cross industry data fusion applications, fully activate the potential of data elements, and strive to improve the core competitiveness of Finance and the ability to benefit people and enterprises. A person in charge of the bank's IT department who participated in the pilot project told the reporter that the pilot project not only made the standardized use and sharing of data by the pilot financial institutions have rules to follow, but also promoted the financial data to break some barriers in the cross industry, cross region and cross level use links, and promoted the "unification" of the operational norms in the aspects of data rights confirmation, pricing, transaction, security and value-added cooperation in the pilot area.
        In addition, the comprehensive launch of the project of "Eastern data and Western computing" has also created a more solid physical foundation for the cross regional flow of data and the "convergence" of operational norms. "With the continuous progress of the project of" Eastern digital computing and Western Digital Computing ", we are actively contacting several local data exchanges to jointly explore the construction of integrated operating standards in data rights confirmation, pricing, trading, security, value-added cooperation, etc." A person in charge of a large domestic financial technology platform disclosed to the reporter that many local data exchanges are interested in this, because they are also aware of the limited capacity of local data exchanges. If a national integrated data trading market can be built through the standardization of data use specifications, the business scope and data application capacity of local data exchanges will be greatly improved.
        At present, the exploration of the construction of the data trading market by relevant departments around the country has provided rich experience for the system design of the data trading at the national level. On the other hand, there are different regulatory standards in data rights confirmation, pricing, trading, security and value-added cooperation in various places, which makes the data marketization configuration face the sign of "each fighting its own way", and makes the data application unable to meet the needs of the development of the real economy. In the opinion of the person in charge of the above-mentioned domestic large-scale financial technology platform, the current local data exchange needs to first realize the "unification" of data confirmation standards. In the actual operation, many financial institutions often face a lot of data use problems because of the differences in the data confirmation standards of local data exchanges.
        One of the more common phenomena is that some financial technology institutions think that the ownership of personal data obtained through the authorization of customers should belong to them; Some licensed financial institutions do not agree with this, because if personal data is excessively collected or involves personal privacy, its data ownership should be included in "shared by individuals and platforms". In the face of such differences, many local data exchanges will give different judgments, resulting in licensed financial institutions worrying about the potential compliance risks of using such data and simply saying "no" to such data transactions. In addition, in terms of data security, the different regulatory standards of local data exchanges have also caused considerable difficulties to data users.
        For example, some local data exchanges overemphasize data security, causing enterprises to increase additional data use costs and data use restrictions; On the contrary, some local data exchanges are relatively lax in the management of data security, which will also cause enterprises to worry about the risk of data abuse and data leakage. For data pricing, most local data exchanges support the negotiation of pricing by both parties. However, when there are pricing differences between the two parties, the local data exchange is unable to provide an authoritative data pricing model, resulting in both parties of the transaction believing that the data pricing lacks "fairness". The reporter learned from various sources that in the face of the above-mentioned data transaction pain points, more and more financial technology platforms are assisting local data exchanges to introduce blockchain and other technologies to develop appropriate solutions.
        With regard to data authenticity and data authentication and traceability, blockchain technology can eliminate trust barriers for all parties to the transaction and provide relatively unified technical support and operating standards for data authentication, pricing, trading and security by virtue of the data tamperability. "However, at present, the progress of introducing blockchain technology in data exchanges around the world is different, which leads to the lack of a unified data traceability and use tracking technology system when data is used across regions, industries and levels, and the use value of data is greatly weakened." The person in charge of the large domestic financial technology platform pointed out. In his opinion, compared with the introduction of blockchain and other technologies, local data exchanges urgently need to establish unified rules for data rights confirmation, pricing, trading, security and value-added cooperation, so as to realize a wider range of applications of massive data and further strengthen the role of data in promoting the high-quality development of the real economy.
        At present, the first batch of data service providers of Shenzhen data exchange cover 14 provinces and cities across the country. They work with enterprises around the country to improve the data trading ecosystem, promote the integrated application of data in cross fields, cross regions and cross subjects, and accumulate experience for the construction of a national integrated data market. The person in charge of the aforementioned domestic large-scale financial technology platform frankly told the reporter that, in view of the fact that the operation specifications of local data exchanges in data rights confirmation, security and pricing transactions have not yet been unified, many data service providers signed with local data exchanges have also tried to use new technologies such as federal computing to achieve "result output" under the condition that the data is invisible and untouchable, thus improving the use value of data in a disguised manner.
        The biggest advantage of this approach is to ensure that the data is fixed and the value is dynamic, thus avoiding the "divergence" of data confirmation and pricing transactions caused by different management regulations of local data exchanges. "We also use the smart contract technology of the blockchain to provide a standardized use standard for the circulation and interaction of data in different local data exchanges." He disclosed to reporters. Specifically, the data provider publishes data assets in the local data exchange and creates a smart contract based on the blockchain technology, while the purchaser triggers the smart contract and completes the data transaction. During the entire data asset transaction process, both parties synchronize the data to each endpoint in real time by linking the data asset information, data asset transaction users and data asset transaction information, This will enable local data exchanges and other trading parties to clearly see the use of relevant data and the degree of standardized operation, and invisibly promote the convergence of the operating standards for cross regional use and circulation of data.
        In his opinion, only by building a "unified" technical system and operating standards can the data value be released to the maximum extent in all links such as data production, circulation and use, and income distribution, and make data a new engine to promote the high-quality development of the real economy. A head of IT Department of a small and medium-sized bank disclosed to the reporter that if the operation standards of data confirmation and pricing transactions of local data exchanges converge, their data use "troubles" will be alleviated. In the past, due to the lack of a unified data rights confirmation standard in the local data exchange, the bank's top management had to pay more attention to data security and compliance use, and often stopped relevant data procurement because the data provider could not prove that there was no excessive illegal collection behavior, and the local data exchange could not provide the data compliance guarantee certificate; Now, if local data exchanges can realize relatively uniform data rights confirmation and use standards, their data procurement resistance will be correspondingly reduced, which will help banks to purchase more data, continuously improve credit risk control models, and help financial business develop more steadily.
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