A new wave of technological breakthroughs, represented by artificial intelligence, blockchain and the mobile internet, is reshaping the world. These advancements, combined with the innovative allocation of production factors and industrial transformation, are promoting new quality productive forces. And the digital economy, characterized by innovation, efficiency and intelligence, is transforming traditional production methods while developing new quality productive forces.

As a new production factor, data are crucial for cultivating new quality productive forces in the digital economy, while theoretical and practical innovations need to be leveraged to exploit the multiplier effect of data and facilitate the development of new quality productive forces.

Traditionally, there have been three paradigms of science: empirical, theoretical and computational. But since our ability to collect "big data" has greatly surpassed our capability to analyze the data, a fourth paradigm has emerged, which is data-driven discovery. Despite that, however, the limitations of these paradigms become evident in the digital economy and, as a result, conclusions derived from the data may not align with real-world situations or common sense.

That in turn has made it necessary to explore the possibility of a "fifth paradigm" of science, and reconstruct the institutions of industrial society and economy. This approach is in line with the disruptive impacts of scientific theory, which will fully unleash the multiplier effect of data.

This author's proposed theory of data intellectual property is based on the "Coken theory". By integrating diverse knowledge, this approach aims to improve market-based distribution of data benefits, enhance transaction efficiency and overcome the limitations of traditional IP rights protection.

By using the Coken theory, one can transcend the limitations of traditional ownership, combine it with the "fifth paradigm" of science and realize incentive distribution for data revenue and value creation in circulation.

By using revenue certificate registration systems and technologies such as smart contracts and distributed ledger technology, it is possible to establish a transparent revenue distribution system based on data IP ownership and contribution.

Data rights holders can possess, use, trade and benefit from registered data, ensuring dynamic protection throughout the data's lifecycle. Currently, the theory and system of data IP registration are being implemented in places such as Zhejiang province, and the explosive growth of new technology clusters represented by AI and blockchain, especially through massive aggregation of multi-source data, has significantly altered organizational models and production methods.

Hence, this is the right time to explore the "fifth paradigm" of science so as to seize the opportunities and overcome the challenges of digital civilization.

The Coken mechanism, as a new comprehensive equity certificate, uses blockchain technology to mark the contributions of diverse participants in creating data value, and encourages participation and sharing among all entities in the data value chain. By attributing value to data sharing and re-sharing, the Coken mechanism enables value transformation and enhancement of data elements in circulation and sharing, while data providers, users, managers and other stakeholders play different roles within the Coken mechanism, coordinating and balancing interests through Coken's design.

For example, China Mobile's digital content unit, Migu, has implemented the "Coken" mechanism. By creating a data element content dissemination system and incorporating business results into blockchain smart contracts, original video ring-tone creators, secondary creators, users, and other entities can receive corresponding revenue through content dissemination and sharing.

In conclusion, the proposed "fifth paradigm" of science represents a new frontier where AI is not just another tool, but an integral part of the scientific endeavor. In it, AI becomes the catalytic force driving scientific discovery, problem-solving and knowledge generation.

Yang Dong is a research fellow at the National Academy of Development and Strategy, Renmin University of China; and Lei Linxuan is an assistant research fellow at the Blockchain Research Institute of Renmin University of China. The views don't necessarily reflect those of China Daily.

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