This disclosure relates to blockchain smart contract-based data processing. In one aspect, a method includes obtaining, by a node in a blockchain network in which a service smart contract is deployed, a service initiation transaction. The service initiation transaction is broadcast to other nodes. While executing the service initiation transaction, the service smart contract is invoked using a blockchain virtual machine that includes a first instruction set comprising a data exchange instruction and processing logic corresponding to the data exchange instruction. The node triggers execution of the processing logic based on the data exchange instruction in the service smart contract using the blockchain virtual machine, thereby performing a data exchange processing operation on data to be processed. A second instruction set of a smart contract compiler includes the data exchange instruction. The service smart contract is compiled using the smart contract compiler and includes the data exchange instruction.