Data transaction mode and characteristics analysis based on platform perspective
Chen Hongmin1 , Xiong Honglin1 , Xu Li1 , Yang Yunpeng1 , Zhuo Xunfang2
1 Antai College of Economics and Management, Shanghai Jiao Tong University, Shanghai 200030
2 Shanghai Data Exchange Co., Ltd., Shanghai 201203
Abstract : Based on the development status of domestic and foreign data trading markets and the perspective of platform thinking, this paper analyzes the economic situation and prospects of data trading in China. And the characteristics of the data trading platform were discussed in depth. In addition, the model and characteristics of typical government-led data trading platforms in my country are analyzed, and a reference point is presented for the government to formulate policies on the cultivation and development of data trading platforms. Finally, positive suggestions are put forward in cultivating the data trading platform market.
Key words : digital economy; data elements; platform thinking; data trading market
Paper citation format:
Chen Hongmin, Xiong Honglin, Xu Li, et al. Analysis of data transaction patterns and characteristics from the perspective of platforms [J]. Big Data, 2023, 9(2): 56-66.
CHEN H M, XIONG H L, XU L, et al. Analysis of data trading model and characteristics based on platform perspective[J]. Big Data Research, 2023, 9(2): 56-66.
0 Preface
In recent years, with the innovation of next-generation information technologies such as big data, cloud computing, artificial intelligence, Internet of Things, and blockchain, the digital economy has greatly changed people's traditional production and lifestyle. As information technology gradually gets rid of the limitations of physical scenes, traditional platforms have spawned a large number of Internet-based platform companies. The trend of scale economy effect platformization appears, and further integrates the "four-ring theory" (production-exchange-distribution-consumption) of social production to expand the reproduction of socialization, deducing a new form. Along with the continuous rapid development of information technology, the platform economy has sprung up new formats and new models, promoting social and economic development in a new direction. After data is defined as a factor of production, the large-scale emergence of the current data trading platform is another vivid example of the platform economy. With the help of new information technology, the platform economy has given a new definition to social and economic production resources, and has also realized the ecology of various industries. System and value chain system reshaping. Throughout the history of social and economic development, data elements, like other traditional production elements (such as land, labor, capital, technology), generally go through the stages of self-use-sharing-transaction, and the data formed in the process of digitalization involves the intricate relationship between many social roles The intertwined interests have brought great troubles to data transactions.
In 2019, my country will place data as a factor of production and put it in a strategic position. By December 2022, the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a Data Basic System and Better Playing the Role of Data Elements" (referred to as "Data Twenty") will be issued. Substantive policy guidance and safeguard measures have been given for the key links of element circulation and transaction, and income distribution, and the status of data elements in economic development has been further strengthened. It can be said that this is a milestone measure in the cultivation of the data factor market, which shows the status of data as a factor of production. Under the guidance of a series of national policies to promote the market-based allocation of elements, a number of local government departments and units are actively exploring the market-oriented operation mechanism of data elements, and have achieved initial results in promoting the establishment of data element value systems and the construction of data element market rules. But at the same time, it is necessary to rethink the process of cultivating the data element market. The circulation of data elements involves the difficulties faced by all parties, especially the business model and characteristics in the data transaction market.
In view of this, based on the data trading platform service formats of relevant entities in the process of data element marketization, this paper discusses the key links of government-led data element transaction circulation in the process of data element market cultivation. Firstly, the development situation and prospects of the national data trading market are analyzed; secondly, based on the platform thinking method, the data trading model perspective, trading platform type, data source and data trading platform characteristics are sorted out; thirdly, the relevant typical government-led data trading in China is selected The platform conducts a case analysis and reveals its characteristics; finally, according to the current construction and development of data trading platforms in my country, the key points of thinking and suggestions for cultivating data trading platforms are put forward.
1 Development and prospect of my country's data trading market
1.1 Overview of the development of data elements
The "Global Digital Economy White Paper (2022)" released by the China Academy of Information and Communications Technology shows that the overall added value of my country's digital economy has soared from 2.6 trillion yuan to 45.5 trillion yuan, with an average annual growth rate of more than 120%. At the same time, the research data released by the China Academy of Information and Communications Technology shows that the proportion of the digital economy in my country's GDP has increased sharply from 14.20% to 39.80% (as shown in Figure 1), and the year-by-year growth trend is obvious. In addition, in 2021, the added value of my country's digital industrialization will show an astonishing growth trend, reaching nearly 8.4 trillion yuan, achieving a nominal year-on-year growth of nearly 12%. These dazzling economic data all show that the digital economy is becoming more and more important in my country's economic development. Obviously, data elements have become the key basis for promoting the deep integration of digital technology and the real economy, and have become the continuous driving force for the steady development of the entire economy and society. The cultivation of the data element market is an important way to achieve this result.
Figure 1 Digital economy as a percentage of GDP
Since data was listed as a factor of production in 2019, my country has launched the "Opinions of the Central Committee of the Communist Party of China and the State Council on Building a More Perfect Factor Market Allocation System and Mechanism", which proposes to speed up the cultivation of the data factor market. In June 2022, the State Council issued the "Guiding Opinions on Strengthening the Construction of Digital Government", which made it clear that market rules for data elements should be established and improved. In addition, national-level data guidance policy documents have been launched one after another. It can be seen that the country has placed the cultivation of the data trading market in the strategic position of the country's economic development and quickly guided its implementation. At the same time, relevant government departments, industry circles, and academia have launched intense discussions and researches on issues such as data transaction-related laws and regulations and data transaction models.
In response to the national data element market development strategy, local governments are actively leading the construction of data trading platforms. According to the latest "2022 Data Trading Platform Development White Paper" released by the National Industrial Information Security Development Research Center (hereinafter referred to as "National Industrial Information Security Center"), As of August 2022, more than 40 data trading institutions have been established across the country. The data trading platforms of each institution adopt diversified commercial operation models such as commission collection, membership system, and value-added transaction services, which have brought significant social and economic effects. .
1.2 Prospects of the data trading market
According to the calculation data of the National Center for Industry and Information Security, the transaction scale of the domestic data element market will reach 81.5 billion yuan in 2021, approaching 100 billion yuan in 2022, and the compound growth rate of the market during the "13th Five-Year Plan" period will exceed 30%. According to the current market growth trend, it is estimated that during the "14th Five-Year Plan" period, the transaction scale of the data element market will exceed 174.9 billion yuan. A new breakthrough. In addition, the "China Data Elements Market Development Report (2021-2022)" released by the National Center for Industry and Information Security shows that the contribution rate and contribution rate of data elements to GDP growth in 2021 will be 14.7% and 0.83 percentage points respectively (Figure 2 shown). Overall, the contribution rate of data elements to GDP growth in the current year shows a continuous upward trend. At the same time, it also shows that data elements have a significant promotion effect on GDP growth.
Figure 2 Contribution of data elements to national GDP growth
In 2020, my country's GDP will exceed the 100 trillion yuan mark for the first time, and the digital economy based on digitization and data elements will become another factor supporting economic growth. According to International Data Corporation (IDC) estimates, from 2018 to 2025, the amount of data owned by my country will increase from 7.5 ZB to 48.6 ZB, accounting for nearly 30% of the global data volume, much higher than the proportion of the United States (17.5%); it is estimated that by 2025, the contribution rate of data to my country's GDP growth will reach an average annual rate of 1.5 to 1.8 percentage points, and the scale output value of data elements will exceed 1.5 trillion yuan. According to incomplete statistics, the vast majority of data trading activities are currently conducted off-site (outside the platform of data trading institutions). The data trading market is gradually maturing. At the same time, under the strong national regulatory environment, trading activities on the data trading floor (data trading agency platform) will increase significantly. It can be seen that as the contribution rate of data elements to economic development increases, coupled with the country's standardized guidance on the macro-policy of the data element trading market, the data trading market will become more mature, and there will be a broad market for data trading activities in the future.
2 Data transaction mode and platform type
2.1 Perspective of Data Transaction Mode
In terms of the perspective of transaction mode, there are obvious differences from the point of entry. One is the data transaction subject as the entry point, including the data supplier model, data service provider model, and data user model, which focus on providing data itself, providing data analysis results, and providing strategic decisions or services. Defines the schema for data transactions. The other type starts from the perspective of transaction classification, including transaction objects, transfer of data property rights, market level, transaction parties, data transaction platforms, etc. These divisions of transaction models based on different perspectives also reflect that the current data transaction market is in a stage of vigorous development.
The academic community generally agrees on the platform: as a medium, the platform connects two or more users, and by integrating the power of relevant market players, an economic form with the characteristics of a two-sided market can be formed to realize mutual value-added. Regardless of whether it is based on the perspective of transaction subjects or transaction classification, the data transaction market presents platform characteristics such as efficient links and network effects, which also provides theoretical support for data transaction market participants to expect data transaction platformization, and this phenomenon is certain. To a certain extent, major data trading institutions, including domestic data exchanges, have developed rapidly.
2.2 Types of data trading platforms
Analyzing the existing data trading platform, it can be found that the current platform operates a wide range of services, covering government, finance, medical care, transportation, education, humanities, communications, energy, meteorology and other fields. Most domestic platforms are concentrated in economically developed regions (such as Beijing, Shanghai, Chongqing, Jiangsu, etc.), and most of them provide comprehensive data services, that is, most of them are comprehensive data service models, which meet the individual needs of users to a certain extent , which is conducive to broadening the customer base and profitability of the platform. This article classifies the types of data trading platforms from the perspective of property rights and business models, as shown in Figure 3. Generally speaking, the two key factors, the level of domestic regional economic development and the strength of local government support, directly determine or affect the development of the data industry where the data trading platform is located. Based on this, the data trading platform funded by the government can be regarded as a "government-led" platform. The data trading market in developed countries started earlier, which is obviously different from the development path of my country's data trading market. Taking the United States as an example, its data trading platform mainly operates in a pure platform mode with a "third-party role", that is, the platform is a third-party data trading platform. This type of platform takes providing a channel for transactions between the data supplier and the demander as the first task. The platform data is provided by the data transaction party. The platform itself does not participate in the data transaction business, but pays more attention to the platform's regulatory responsibilities to ensure the legality of the transaction process. Regulatory and security. The third-party data trading platform is generated and developed from the internal driving force of the market, adopts a completely market-oriented operation mechanism, and the government does not participate in operation management. It is called an "enterprise-led" data trading platform. From the perspective of business model, it belongs to "Pure third-party trading platform mode" type. The model corresponding to the third-party trading platform model is the "comprehensive data service model". Such platforms not only provide data trading platform services, but also directly participate in data trading activities, such as data collection, analysis and processing.
Figure 3 Classification of data trading platforms
At present, my country's government-led data trading platform and enterprise-led data trading platform go hand in hand, and the service content of the platform is diversified, but the respective characteristics of the platform business model are very obvious (see Section 2.5 for details). Among such data trading platforms, the pure third-party trading platform model accounts for a small proportion, about one-third, and most data trading platforms are comprehensive data service models. At present, whether it is from the perspective of property rights or business models, as the network effect and economies of scale of data trading platforms are further amplified, it is difficult for different types of data trading platforms to become monopolized, especially in the subdivision of data trading. This is because, although the two-sided market and network nature of the platform will attract more digital business role users to join, due to the uniqueness of the data product itself, many platforms provide services that only attract users from one side, while ignoring users from the other side This leads to the relatively independent existence of various platforms due to their differences. The more differentiated platforms, the smaller the impact of network effects on the degree of competition, so that multiple platforms exist at the same time. One of the important reasons for the trend of big data trading platforms.
2.3 Data Commodity Trading Mode
The current data trading market is characterized by diversification, and the common data commodity trading models mainly include the following types.
● Direct transaction data mode. The supply and demand parties agree on the content and method of the transaction, one party delivers the goods, the other party pays, and the transaction is completed.
● Data exchange mode. At present, some data exchanges have been established in various parts of the country, and the data supply and demand relationship is centralized under the supervision of the government. At present, the data trading market of government-led data exchanges is in the cultivation stage, and the transaction volume is very small. The reason is that they have not taken appropriate measures. Attract supply and demand sides to trade.
● Resource exchange mode. This model is outstanding in the current large number of mobile terminals. The service provider provides free application services in exchange for the right to use the user's personal data.
● Member account service mode. After the data is capitalized, the demand side (consumer) purchases membership services and obtains the corresponding data access rights.
● Application program interface (application program interface, API) access mode. The supplier can open the data to the authorized demander through the API according to the contract.
● Data platform + data alliance transaction model for stakeholders. In this model, the data demander can acquire or invest in a certain company in the form of capital contribution to obtain its platform-level data, and enable the acquired or staked company to produce data products for the funded data demander.
In addition, the data commodity transaction model also includes data transaction based on data protection technology, data cloud service model, etc. Data is processed to form data products. Under the action of data transaction mode, a variety of data products have evolved into diversified data commodities and integrated into social production, so that data elements can participate in social and economic development and radiate new vitality. To a certain extent, it promotes the emergence of new formats. Different data commodity trading models play a role in promoting transactions in different subdivided platform types, and at the same time, also cause various data trading platforms to have a lock-in effect. In short, the rich data commodity trading model has opened up a new situation for social and economic development.
2.4 Sources of transaction data
The sources of transaction data are diversified. The current data sources of data trading platforms mainly include the following types.
The first category is government open data. This type of data is provided by the government or public institutions as a public product. The opening and sharing of public product data is of great significance for promoting data circulation, activating the vitality of the data market, and giving full play to the value of data. In view of multiple factors, the domestic government public data opening There is still a long way to go in terms of sharing.
The second category is enterprise internal data. This type of data is generally generated and accumulated within the enterprise. This type of data is mostly used by the enterprise itself, and there are few businesses that are shared or traded with the outside world.
The third category is data provided by data providers. This type of data is generally a data product that the data supplier provides on the data trading platform in accordance with the rules and procedures of the trading platform. The data supplier obtains corresponding value benefits through the transfer of data-related ownership.
The fourth category is web crawler data. This type of data is obtained from the website by the data acquirer using certain technical means, that is, Internet-based crawling means, and can be processed or directly used and traded.
The fifth category is partner data. This type of data mainly refers to the data generated and accumulated by the partners of the enterprise, and these data are provided to the trading platform for convenient use by partners or alliance members.
Although abundant data sources facilitate data transactions, the industry is still actively discussing issues such as data ownership boundaries. How to clarify the ownership issues in data transactions is one of the problems that need to be solved urgently, and it will also be one of the difficulties that need to be faced in the long run.
2.5 Features presented by the data trading platform
As far as the current operation of data trading platforms is concerned, there are obvious differences at home and abroad. First of all, from the perspective of data sources, foreign data trading platforms have given full play to the value of the data community when collecting data, and have established data trading platforms that focus on specific fields and are highly professional. This is different from the fact that domestic transaction data comes from scattered channels. It is obviously different; secondly, from the perspective of business model, there are many third-party data trading platforms in foreign countries, platforms that provide data value-added services are also developing rapidly and their service business involves multiple fields, while domestic comprehensive service platforms are the main components of the data trading platform market Partly, the data field served by a single trading platform is not rich enough; thirdly, from the perspective of data delivery methods, it basically includes APIs, data packages, and solutions, and there is little difference between domestic and foreign countries. In addition, data privacy leakage is one of the common hidden dangers of various data trading platforms in the data trading process. Strengthening the supervision of data trading platforms is a basic measure to ensure the effective progress of the data trading process, and it is also a key task for platform operations.
As far as the current domestic data trading platform is concerned, it has the following salient features.
● Most domestic data trading platforms provide comprehensive data services, which can meet the individual needs of users to a certain extent. The data sources are mainly government public data, enterprise internal data, and web crawler data, such as Guiyang Big Data Exchange.
● There is a lack of unified standards and normative systems for data transactions, and the data needs of various fields are not yet accurately grasped. Moreover, the application of data in various fields is still in the stage of exploration, and the data transaction market has not been fully stimulated.
● The openness of public data is low, and its value cannot be fully exploited. At present, most of my country's data resources are in the hands of government departments at all levels, which are public data, but these data have not been effectively discovered and utilized. The open use of public data is of great significance for activating the data trading market.
● The data supply and demand relationship network is relatively simple, and the network effect has not yet been fully utilized. Currently, data transactions are concentrated off-site, and the supply and demand sides of data transactions are relatively fixed, or there are few options. This situation is mainly caused by two reasons, one is that data transactions involve commercial secrets, and the other is the uncertainty of legal risks.
● The boundary of data ownership is not yet clear, and the current government is in a state of strong supervision. This situation has caused some data providers to stay on the sidelines, especially brokers (brokers), who cannot well play their role in insight into data supply and demand market application scenarios , to a certain extent, the data trading market is not as active as expected.
● The intellectual property rights of data products are not well protected, and data transactions drive all kinds of production and life in society, and have an important impact on the entire society, including efficient government services, enterprise operation management and decision support, technological development and innovation, etc. , but the protection of intellectual property rights of data products is not enough, which has a negative impact on the research and development and innovation of data products.
3 Analysis of typical domestic trading platforms
Since the national strategic position of data elements was established, all parts of the country have actively responded, planned and built data trading market platforms. This paper selects several representative data trading platforms led by the government for comparative analysis, and discusses the key considerations of data trading platforms, and selects several data trading platforms with typical characteristics such as Guiyang and Beijing for analysis. The results are shown in the table 1.
Generally speaking, the scale of market entities in the platform supply and demand influence each other, and the platform has typical head effects and long tail effects. In a certain subdivision field, through the scale effect on both sides of supply and demand, one or several leading platforms can gather more high-quality resources and occupy a dominant position in this field. This is one of the reasons why current data trading platforms seize the commanding heights based on their own advantages. As Professor Huang Lihua, Dean of Shanghai Data Exchange Research Institute, said in the research and exchange of this article: The current data trading market platform is biased on both sides of the market. In other words, both sides of supply and demand do not grow simultaneously, but attract the rapid accumulation of the other side through the vigorous cultivation of one side in the early stage. Like other economic platform models, the cultivation and development of data trading platforms generally go through a process from biased to unbiased. Because of this, the current typical government-led data trading platforms in China present the characteristics shown in Table 1. After the subsequent integration of supply and demand in the data trading market, the entire market gradually matures.
After combing and analyzing the types of typical government-led data trading platforms in China, the data sources of trading platforms, product types, and platform characteristics, it is found that each region has its own characteristics in promoting the construction of data trading platforms. These characteristics are mainly determined by national and local policy positioning and regional economic development, such as the characteristics of Shanghai's "international data port" and Shenzhen's "cross-border transactions". The construction and operation of these government-led data trading platforms, on the one hand, has accumulated a lot of experience for the cultivation of the data trading industry market, and on the other hand, it has provided a steady stream of power for data elements to promote social and economic transformation and development concepts and innovative development models.
4 Conclusion
Data needs to be processed to form information and knowledge in order to exert its value. In addition, it is also necessary to make the data show greater value through transaction flow. The data trading platform is crucial to the circulation and sharing of data. It provides a place for efficient data trading activities and effectively reduces the phenomenon of "information islands". The current operation of various data transaction businesses in China presents typical characteristics such as platform-based efficient links between supply and demand, and network effects. With efficient links and network effects, the data trading platform can better match the supply and demand sides of the data element market, promote the circulation of data transactions, make the data fully realize its value, and release the data economic dividend. At present, data trading activities are becoming more and more frequent, bringing obvious economic benefits. However, through the analysis of the characteristics of domestic data trading platforms, it is found that with the development of the digital economy, there is still a large room for advancement in the construction of bilateral markets for data trading platforms.
In the future, in terms of cultivating the data trading platform market and bringing greater economic effects, the following aspects can be considered.
● The construction of a government-led data trading platform should be tailored to local conditions, and appropriate goals should be established according to the actual situation. In particular, it is necessary to consider the digitization of local enterprises and the overall situation of the digital economy industry, and confirm whether it is necessary to build separately for each locality or region. Duplicate construction to avoid low social and economic benefits and waste of resources.
● The construction and operation of the data trading platform is a long-term exploration process. For data trading supervision, a fault-tolerant mechanism should be established on the premise of not violating current laws and regulations, that is, to allow first-hand trials within a certain range, gradually accumulate experience, and flexibly adjust supervision system. With the help of the fault-tolerant mechanism, on the one hand, it ensures the vitality of the data trading market and gradually expands the market; on the other hand, it pays close attention to the dynamics of the data trading market to prevent the disorderly and brutal development of the market.
● Establish and optimize objects related to data transactions in the restricted area of data transactions. On the one hand, set prohibited transaction content (such as personal privacy information), optimize the further opening of government data, and avoid "going astray" by both parties in digital business transactions as much as possible; on the other hand, appropriately lower the transaction threshold, especially when it involves public services It is necessary to launch the catalog of public service data transaction categories as soon as possible, which is of great significance for promoting data flow, stimulating the data market and exerting the value of data.
About the Author
Chen Hongmin (1960-), male, Ph.D., professor of Antai College of Economics and Management, Shanghai Jiaotong University. His main research directions are platform economy, data element market, industrial Internet, etc.
Xiong Honglin (1984-), male, Ph.D., postdoctoral fellow at Antai College of Economics and Management, Shanghai Jiaotong University. His main research directions are data factor market, big data application, and smart government affairs.
Xu Li (1976-), female, Ph.D., associate professor at Antai College of Economics and Management, Shanghai Jiao Tong University, her main research directions are digital economy, financial technology, enterprise digitalization, etc.
Yang Yunpeng (1991-), male, Ph.D., assistant researcher at Antai College of Economics and Management, Shanghai Jiaotong University. His main research directions are data-based market, digital platform model innovation, digital trade and cross-border e-commerce.
Zhuo Xunfang (1973-), male, Ph.D., senior researcher at the Research Institute of Shanghai Data Exchange Co., Ltd., his main research direction is data element market, data element circulation standardization and cutting-edge technology research.
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