Yang Dong, Vice President of China Society for Science, Technology, and Finance Law Research
The future development of large-scale models requires the advancement of the openness of data elements and the exploration of their value. Fundamentally speaking, the comprehensive digitization of digital economy, metaverse, and other developments require the development of new data elements, the utilization of data element values, and the financial realization of data value. Based on blockchain technology, the concept of "Coken", which involves the resourceization, assetization, and capitalization of data elements using financial tools and means similar to those in finance, is to create new organizational structures, new interest distribution mechanisms, and new industrial models, based on the platform-data-algorithm structure of the digital world and digital economy.
There is a close relationship between artificial intelligence (AI) and the metaverse. The metaverse is a digital ecosystem gradually integrated with various technologies, which in nature is to reconstruct the production and social organization models since the industrial economy. Currently, metaverse applications are emerging, but there is a need to address value anchoring and benefit distribution mechanisms. Therefore, we put forward "Coken", a new mechanism for distributing the benefits of data assets, emphasizing the importance of system, data ecology, and open data environment.
The Communist Party of China is the first political party in the world to explicitly state the theory that data is the fifth factor of production. With the establishment of the National Data Administration, we need to consider, on the basis of the reform of data property rights, how to further promote the development and utilization of data elements, especially how to fairly and reasonably distribute the value after the development and utilization of data.
We need to construct an independent knowledge system in China, with our own theories and paradigms that fit the state conditions, and to solve data-related issues using the concept of "Coken" based on the value of data elements in blockchain technology. In addition, we can actively explore various aspects, including turning data into state-owned assets, owned by the people, and achieving a one-time distribution; directly obtaining profits for the country and the people through digital petty cash, truly achieving a more efficient and reasonable distribution of benefits. The "law chain" system will provide regulatory, controllable, and executable governance frameworks for the realization of the value of data elements. Currently, relevant departments such as the Ministry of Science and Technology and the Ministry of Industry and Information Technology are conducting related research. Beneficial exploration is also being conducted in designing institutional mechanisms related to data elements and incentive mechanisms around digital individuals and digital assets.
We need to establish a data market integrating the measurement and distribution of data asset values based on the three-party ownership separation, and actively explore innovative models for banking financial products and services. First, efforts should be made to realize the value and role of data elements in carbon trading, making the "Coken" theory in carbon trading a reality and turning it into carbon credits. Second, better distribution of data value in the process of carbon trading will help promote the achievement of the "dual carbon" goal. Through new technological means, transforming digital value and digital assets into new dynamics, models, formats, technologies, and economic theoretical frameworks for economic development, providing a new model and technological architecture system for China's economic development.
Published on February 22, 2024