Shanghai Data Exchange holds global conference in Singapore
A GovTech official shares data factor market views at the Global Data Ecosystem Conference (GDEC) 2022.
The Shanghai Data Exchange organized a data trade and commercialization event in Singapore recently, the local exchange's first overseas session, to establish a mature data ecosystem with global influence and boosting the data factor market.
The Global Data Ecosystem Conference (GDEC) 2022 Singapore Session attracted heavyweight institutions such as GovTech, Google, Deloitte and OKG; witnessed international data cooperation and initiatives and innovations such as blockchain and metaverse to boost the data factor market.
With the theme of "International Data Trading Practice and Data Ecosystem Construction," the Singapore Session was co-hosted by the Shanghai Data Exchange; SGTech, the leading trade association for Singapore's tech industry; the International Data Spaces Association; Cosco Shipping Technology and Chinese blockchain giant OKG.
The conference aimed to promote the high-level opening-up of the data factor market, activate technology and capital flows and co-build a new global data ecosystem under generally accepted international rules for the digital economy, such as the Digital Economy Partnership Agreement (DEPA).
The Shanghai Data Exchange and several enterprises jointly launched the International Data Flow Partnership Shanghai Initiative and signed the International Digital Business Enterprise Strategy Memorandum. A Shanghai Data Exchange-Singapore Liaison Office was also inaugurated, creating a vital hub node for allocating global data resources.
The topics at the event included Disruptive Technology from Google, Data Service Provider Practice from Deloitte and Web3.0 Technology from OKG.
As a new production factor, speakers said that the data we generate and store will increase at an unexpected rate to further advance digital transformation.
An OKG official shared Web 3.0 techs, including blockchain applications, in the data factor market.
Blockchain application in spotlight at conference.
On-chain data, with an additional layer based on blockchain technology compared with traditional data, was in the spotlight at the event.
On-chain data "expands the data factors' dimension and has become the rising emerging force in the data factor market," said Nick Xiao, product director of OKLink, OKG.
For example, it's a valuable tool for cybersecurity, which can determine the source and destination of illegal funds while quickly locating the crime target. OKLink blockchain explorer, one of OKG's products like Google Chrome, has been applied for and involved in 23.8 billion transaction records.
It develops with blockchain, which has a compound annual growth rate of 83 percent in recent years and will triple the big data market size by 2027, according to researcher Statistics.
OKG keeps opening up its data capabilities on user-generated content, or UGC, and open interface, encouraging more users to participate in on-chain data analysis and dig the value together, Xiao added.
The challenges of the data factor market, including high costs of data analysis, data island, big data monopoly, data validation and pricing problems, were also mentioned at the event.
The challenges can be solved by international cooperation and tech innovations like blockchain and metaverse, speakers told the conference.
