In the digital age, data, as an important strategic resource, holds significant value during its circulation process. During the deep integration of blockchain and data elements, blockchain provides a brand-new idea and path to solve the problems existing in the circulation and value release of data elements. This research designs a multi-scenario data trustworthy circulation mechanism and data traceability mechanism, and analyzes the effectiveness of these mechanisms in typical scenarios. The research results show that with the empowerment of blockchain technology, the credibility and efficiency of data source circulation have significantly improved. It has achieved traceability and auditability throughout the data life cycle, and under the premise of compliance and protection of privacy, it meets the data application requirements in multiple scenarios, effectively promoting the marketization development of data elements.