Establishment of a Data Trusted Circulation Project Team by Chinese Companies: A Step Forward in Data Sharing and Trust

According to reports, on March 29, the 11th plenary meeting of the Trusted Blockchain Promotion Plan (TBI) of the China Academy of Communications was held in Hangzhou. At the meeting, China Power Great Wall Internet System Application Co., Ltd., Guiyang Big Data Exchange, and Ant Chain led the establishment of a data trusted circulation project team to explore fusion technologies, application systems, and typical scenarios for data element circulation, and establish relevant standards and technical specifications for data trusted circulation.

The first special research team established by TBI of the ICT Academy to build a blockchain based data trusted collaborative application system

In China, a growing number of companies are recognizing the importance of data sharing to drive innovation and growth. However, data sharing can only be successful if all involved parties have trust in the data being shared. Therefore, the 11th plenary meeting of the Trusted Blockchain Promotion Plan (TBI) of the China Academy of Communications was held in Hangzhou on March 29 to discuss the establishment of a data trusted circulation project team. This article will examine the implications of this project team for the future of data sharing and trust in China.

A Brief Overview of the TBI

The Trusted Blockchain Promotion Plan (TBI) was launched in 2016 by the China Academy of Communications to promote the development and adoption of blockchain technology in various industries. The goal of this plan is to establish a standardized and trusted blockchain ecosystem for the government and enterprises. The TBI has since become a leading initiative in the development of blockchain technology in China.

The Establishment of a Data Trusted Circulation Project Team

At the 11th plenary meeting of the TBI, China Power Great Wall Internet System Application Co., Ltd., Guiyang Big Data Exchange, and Ant Chain led the establishment of a data trusted circulation project team. This team will explore fusion technologies, application systems, and typical scenarios for data element circulation. The aim is to establish relevant standards and technical specifications for data trusted circulation.

The Importance of Data Trusted Circulation

Data trusted circulation refers to the sharing of data in a way that is secure and trustworthy. China’s data sharing regulations are currently fragmented and underdeveloped, leading to a lack of trust between entities. The establishment of a data trusted circulation project team could change this by establishing standardized, trustworthy data sharing practices that are accepted by all involved parties. This could open up new possibilities for innovation and growth in China’s economy.

The Role of Blockchain Technology in Data Trusted Circulation

At the forefront of this project team’s work is the use of blockchain technology to ensure data security and trust. Blockchain technology allows for the creation of a decentralized and immutable ledger that can be accessed and verified by all involved parties. This can greatly enhance trust in the data being shared while also ensuring its integrity and security. The use of blockchain technology in the establishment of a data trusted circulation project team is therefore seen as a major step forward in the development of secure and trustworthy data sharing practices.

The Potential Impact of a Data Trusted Circulation Project Team

The establishment of a data trusted circulation project team could have far-reaching effects on the Chinese economy. By promoting standardized, trustworthy data sharing practices, this project team could lead to increased collaboration between entities and the creation of new market opportunities. It could also help to establish China as a leading player in the development of blockchain technology and data sharing practices.

Conclusion

In conclusion, the establishment of a data trusted circulation project team by Chinese companies is a significant development in the promotion of secure and trustworthy data sharing practices. Through the use of blockchain technology and the establishment of standardized practices and specifications, this project team could help to open up new opportunities for collaboration and innovation in the Chinese economy. As the team continues to explore fusion technologies, application systems, and typical scenarios for data element circulation, we can expect to see further developments in the promotion of data sharing practices in China.

FAQs

1. What is the Trusted Blockchain Promotion Plan (TBI)?

The Trusted Blockchain Promotion Plan (TBI) is an initiative launched by the China Academy of Communications to promote the development and adoption of blockchain technology in various industries.

2. How could the establishment of a data trusted circulation project team benefit the Chinese economy?

The establishment of a data trusted circulation project team could benefit the Chinese economy by promoting standardized, trustworthy data sharing practices, leading to increased collaboration and the creation of new market opportunities.

3. How does blockchain technology ensure data security and trust?

Blockchain technology ensures data security and trust by creating a decentralized and immutable ledger that can be accessed and verified by all involved parties. This enhances trust in the data being shared while also ensuring its integrity and security.