Beijing International Big Data Exchange to explore untapped market

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The Beijing International Big Data Exchange was recently established, as the Chinese capital plans to wield the new exchange to explore untapped markets of the digital economy.

Supported by world-leading and self-controlled secure multi-party computation technologies, the exchange will address the risks and pain points in data transactions such as the abuse of data, and lay a solid infrastructural foundation for China's digital economic development, said Zhang Xudong, CEO and chairman of Hua Kong Tsingjiao, which provides technological support for the exchange.

Hua Kong Tsingjiao has innovated a series of secure multi-party computation technologies. Provided with a reliable platform for data computing, data users can use data without having ownership of the data. The purposes of using data will be controllable.

In addition, the exchange is expected to take the lead in solving pain points in data transactions such as the right confirmation of data. The data exchange may also help to curb the abuse of data. Zhang said that, if data can be transmitted in a safe and legitimate way, the problem of data leak will be better solved.

Zhang said that data transactions and data exchanges serve as the crucial support for the development of the digital economy. With the founding of the big data exchange, infrastructural technologies in data transactions could gradually improve, and the potential of the digital economy will be further tapped.

Like stock exchanges, data exchanges will add supporting industries and services as well. In the future, other new forms relating to the industry such as data insurance will sprout up. Compared to the internet, data transactions will bring even more changes to the economy, Zhang said.

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