Source | 01 Blockchain
The author | Chen Lishan
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On the morning of October 16, 2021, Guangdong Province released the country's first public data asset certificate. This is an innovation in the use of public data resources by the government, and the transformation from data resources to digital assets has been realized through the data asset vouchers issued by the government. Among them, blockchain technology has played an important role in data rights confirmation, circulation and management, and promoted digital to become a production factor of the economy in the new era.
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<h1 toutiao-origin="h2" > factors of production in the era of the digital economy</h1>
Production factors are a basic category in economics, which refers to the various social resources needed for social production and operation activities, and is the basic factor that must be possessed in the process of maintaining the operation of the national economy and the production and operation of market entities. It includes labor, land, capital, technology, information, etc., and these contents are constantly evolving and changing with the development of the times.
Today, when the digital economy is becoming more and more important, data has become an important resource to promote social production activities. According to the definition in the document "Statistical Classification of Digital Economy and Its Core Industries (2021)" of the National Bureau of Statistics of China, the digital economy refers to a series of economic activities with data resources as key production factors, modern information networks as important carriers, and the effective use of information and communication technologies as an important driving force for efficiency improvement and economic structure optimization.
At present, the development of the digital economy has shown a trend of breaking bamboo. In August 2021, the "White Paper on the Global Digital Economy" released by the China Academy of Information and Communications Technology showed that in 2020, the total scale of the digital economy in 47 countries around the world reached 32.6 trillion US dollars, an increase of 3.0% in nominal terms year-on-year, accounting for 43.7% of GDP. The size of China's digital economy is 5.4 trillion US dollars, ranking second in the world; it is 9.6% year-on-year, ranking first in the world.
As the underlying foundation of the digital economy, the circulation efficiency of data will directly affect the output and circulation efficiency of the digital economy. In March 2020, the Cpc Central Committee and the State Council issued the Opinions on Building a More Perfect Factor Market-based Allocation System and Mechanism, which formally clarified data as a new type of production factor.
Taking mineral resources as an example, from exploration, mining, to refining and processing, all kinds of minerals have realized the transformation from natural resources to the production factors of human society, which makes mineral resources can be measured by value, traded and circulated, and entered various industries as raw materials for production. Data is hailed as the "oil" of the new era, which means it also needs to realize the transformation from resources to production factors.
However, at present, the process of data as a factor of production to promote economic development still faces many problems. On the one hand, data needs to be objectified and assetized, that is, it can be tradable and tradable by clarifying the ownership of equity. On the other hand, data circulation needs to establish an effective mechanism, and the authenticity of sources, content security, controllable permissions and verifiable circulation need to be equipped with relevant supporting technical facilities. From data rights confirmation, traceability and anti-counterfeiting, security management to cross-domain interconnection, the data circulation process urgently needs effective solutions.
<h1 toutiao-origin="h2" > second, data assetization - a new way to solve data problems</h1>
In the practice of exploring data as a factor of production, Guangdong has forward-looking and innovatively proposed a data asset voucher solution that "carries assets with vouchers, declares rights and interests with vouchers, governs data with vouchers, and guarantees compliance with vouchers". This is a new exploration of Guangdong's public data asset management methods.
"It is necessary to continue to deepen the reform of the market-oriented allocation of data elements, take the first step from data resources to data assets, form practical experience with replication and promotion value, and strive to demonstrate and explore experience for the development of the national digital economy."
——Sun Zhiyang, Vice Governor of Guangdong Province
Different from digital resources, digital assets are the process of bringing economic benefits to owners and users through the exchange of data value under the condition of data confirmation, which makes data fully equipped with the conditions for entering the market for trading and supervision. And through the construction of a full set of mechanisms for the circulation, control, tracking and traceability of data assets, we will stimulate the potential of data.
On the morning of October 16, Guangdong Province issued two of the country's first public data asset certificates. One of them is the country's first blank public data asset certificate, which indicates that the issuance of public data asset certificates must be based on the blank public data asset certificates issued by the authority department. Therefore, the blank public data asset certificate is not only the trust source point of the verifiable digital certificate, but also the "quasi-life certificate" of the whole life governance cycle of the data asset.
The other is the country's first public data asset certificate, which indicates that the public data asset certificate must be issued by the data provider on the basis of obtaining the authorization of the data subject and applying for a blank public data asset certificate issued by the data authority department; when the public data asset certificate is issued, the regulatory department must complete the deposit of the regulatory authority at the same time.
Through government-issued data asset certificates, public data can be used under legal supervision. Guangdong Province has a unique advantage in terms of data resources. In July this year, Guangdong's first round of government affairs informatization capacity and public data resources census was fully completed. The province has cumulatively released 55,154 categories of shareable data resource catalogs, aggregated 28.5 billion pieces of data, released 3,104 general data interface services, and provided nearly 20 billion data query services for 585 business systems. Huge "sleeping" data resources that can be turned to economic assets will achieve huge economic benefits.
<h1 toutiao-origin="h2" > third, the first public data asset certificate landed</h1>
The country's first public data asset certificate was used for the first time in the corporate credit scenario. Foshan Hexi Metal Products Co., Ltd. took the lead in trying to use data asset vouchers to borrow from the Guangdong Branch of the Agricultural Bank of China.
Different from traditional mortgages and credit loans, this time we try to use the electricity consumption data of a certain period as a condition for applying for a loan. Power big data has the characteristics of wide industry coverage and high timeliness, and can intuitively reflect the real operating conditions of enterprises, and reflect the level of enterprise capital chain on the side. The lender can analyze the data of the enterprise's electricity consumption and the data of electricity bill payment based on the electricity consumption data of the enterprise.
The data asset vouchers launched by Guangdong Province serve as a bridge to realize the circulation and transmission of electricity consumption data from data owners, lenders, and data demand units. As the data owner, Guangdong Power Grid Company has authoritative and accurate electricity consumption data of enterprises. Under the authorization of Foshan Hexi Metal Products Co., Ltd., the Guangdong Branch of the Agricultural Bank of China, as the data demand unit, can use the electricity consumption data of the enterprise for enterprise portrait, credit limit review, loan interest rate approval and post-loan risk supervision.
Public data asset credentials drive the entire process to be executed legally, securely, and efficiently. Based on the results and experience of this enterprise credit scenario pilot, this method can be promoted and applied to 44 million enterprise and individual power customers in the province, which can effectively solve the problems of loan difficulties and financing difficulties for small and medium-sized enterprises.
Figure 1. Public asset vouchers are used for loan flowcharts
Source: 01 Blockchain is organized according to public information
"With it, banks can directly get enterprise electricity consumption data from the power grid, grasp the situation more accurately, lend faster, and make it no longer difficult for enterprises to lend and finance." This year, orders continue to increase, capital turnover is very tight, did not expect to use their own electricity data can also apply for loans! And the data is from public to public, and there is no concern about security. ”
——Zhu Tie, General Manager of Foshan Hexi Metal Products Co., Ltd
<h1 toutiao-origin="h2" > fourth, blockchain helps data assetization strides</h1>
Public data asset credentials transmit data to data users in a trusted, secure, and efficient manner, greatly improving the efficiency of data circulation. Among them, blockchain technology, as the carrier of data elements, helps data asset vouchers become "containers", "file bags" and "work assistants" of data assets through its traceable and immutable characteristics.
<h1 toutiao-origin="h2" > "container"</h1>
Public data asset credentials can be thought of as "digital containers" carrying data assets. It is loaded with data, attribute data, business logic, governance rules, password application consensus, and interoperability between data rights parties.
The blockchain's distributed ledger is recorded on multiple nodes and can be automatically synchronized and verified against all nodes. This enables the data on the ledger to store a variety of data and ensures the authenticity of the source and the accuracy of the content. Relying on blockchain technology, the "data container" can realize cross-domain and cross-chain sharing, transaction and verification, and become an element that can be configured for marketization.
<h1 toutiao-origin="h2" > "file bag"</h1>
Data asset vouchers are "digital archives" used to store data assets, dynamically recording the "ins and outs" of each data asset, forming irrefutable evidence.
Blockchain technology is able to effectively add blocks in chronological order by storing data as a series of blocks, and forming an interconnected chain. Such a model can help it form a "digital file bag" with a complete chain of trust and evidence chain, laying the foundation for the market-oriented governance of data assets.
<h1 toutiao-origin="h2" > "work assistant"</h1>
In each data asset certificate, there is an "intelligent work assistant" that provides intelligent follow-up services for all relevant parties of the data asset certificate, such as issuers, demand parties, providers, depository parties, regulators, etc.
Blockchain supports the deployment of smart contracts, by entering the code into the blockchain in advance, when the pre-agreed event triggers the contract terms, the code will be automatically executed, the process does not require human control. Based on the services provided by the "work assistant", the participants in the digital asset can establish a more effective cooperation mechanism and improve the allocation efficiency of the configuration data elements.
China's economic development has undergone two historic changes. The first was in the 1980s and 1990s, when there was a shift from a planned economy to a market economy. With the great liberation of social productive forces and the high-speed growth of the economy, China has become the world's second largest economy and achieved the first historic change; the second is the 21st century to the present, from the traditional economy to the digital new economy. The new changes are broader, more fruitful and more profound than the previous one.
——" Some Core Concepts of the Digital New Economy " ( Qian Zhixin )
In the digital economy, data has become an indispensable and important element. The public data asset voucher launched by Guangdong Province shows us the necessity and possibility of data as a production factor. As a carrier of data, blockchain helps data to confirm rights, deposit certificates and intelligent use from the technical level, which accelerates the circulation and use of data as a factor of production in the market, and also promotes a major step forward in the realization of data assetization.
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