Guizhou big data trading platform flourishes

Since its establishment, the Global Big Data Exchange in Guiyang city – capital of Southwest China's Guizhou province – has launched 347 data products from 282 data merchants, achieving more than 100 million ($14.79 million) in turnover.

As China's first province to establish a big data exchange, Guizhou has expanded the organizational structure, data products, transactions and profit modes, and gathered experience in promoting the cultivation of a data market.

Based on the technologies of cloud computing, blockchain and secure multi-party computations, Guizhou has improved the data collections, registrations, transactions, settlements and payment functions of the exchange.

Facing with the challenges of confirming correct data, data pricing, mutual trust among market trading entities and supervision during data transactions, Guizhou launched the first data circulation set of trading rules in the country.

By introducing data dealers, Guizhou is said to have improved the efficiency of data transactions. It also trained data brokers in digital data brokerages – introducing compliance certification, asset assessments and personnel training to create a robust data circulation and transactions service system.

Plans are for the Big Data Development Administration of Guizhou Province to further promote the reform of market-oriented data allocations and build a data market system with a complete system of intellectual property rights. It will offer regulated circulation and transactions, orderly data supplies, active market participants, effective motivation policies and strong security governance.