Data Element Assetization and Transaction Mechanism Based on Blockchain Technology

Abstract

This paper discusses the obstacles to the capitalization of data elements, such as the difficulties in confirming data ownership, trust deficit, privacy breaches, and inefficiency of transactions, through a distributed solution based on blockchain technology. First, a data ownership confirmation mechanism based on a consortium blockchain is established by using the Merkle tree and PBFT (Practical Byzantine Fault Tolerance) consensus algorithm to achieve transparency and traceability of data ownership. Second, a multi-dimensional data value evaluation and RF-BP (Random Forest-Back Propagation) dynamic pricing mechanism are established by using machine learning algorithms to evaluate the value of data assets in a scientific manner. Third, a smart contract is established for pricing and payment, in order to achieve transaction automation and clearing and settlement. Finally, ZKP (Zero-Knowledge Proof) technology is applied to develop a mechanism for verifying compliance and privacy of data under the proposition of public review and "visible, invisible". Experimental results show that the proposed method reduces the average leakage risk and defense success rate under various attacks to 8.57 % and 97.1%, respectively. In terms of transaction efficiency, the proposed method achieves a throughput of 1250 TPS (Transactions Per Second) with a latency of 120 milliseconds at a 50-node scale. Overall performance is demonstrated with a confirmation and transaction success rate of 99.2% and 97.8%, respectively. The suggested framework provides reliable confirmation of data elements, scientific pricing, efficient trading and transaction processes, and privacy protection. It can support the vision of developing a secure, transparent and efficient market for data element circulation with technical feasibility and performance.