Abstract: In the era of digital economy, the differences between data subjects will lead to privacy infringement, data monopoly, and other data power alienation problems. The unidirectional data empowerment protection theory is difficult to solve the practical dilemma. In the data value chain, the data holder, relying on the excessive expansion of data power, is in an unequal power relationship with the source and the user for a long time, and the double-layer trust relationship of data should be confirmed. The empowering protection model of data should move towards the regulatory model of trustee behavior based on fiduciary obligations, with obligations constraining the unlimited expansion of data power. The right to hold data is the fundamental right of the new property rights system for data, which varies with the form of data and is a limited exclusive right. The connotation of the right to hold data is to emphasize and protect the right to use data. Therefore, it is necessary to impose personal data protection obligations towards the source and competitive data obligations towards the user on the data holders, achieve a balance between the interests of all parties of the data with the dynamic model of empowerment and limitation, and regulate the paths by adopting an open data empowerment model and positive obligations, so as to achieve the dual core goals of protection and fair utilization of data.

Key words: fiduciary duty, data holder, data power, data fiduciary relationship