A trusted distributed industrial data governance solution was designed based on blockchain technology in order to address the issue of the lack of a unified product data sharing service in current industrial systems, which limited users’ access to credible product traceability information. This solution enabled efficient and secure product data sharing and governance. Product data was compressed and encrypted off-chain by the data generator before it was submitted to the blockchain system. The system supported off-chain/on-chain data access through two types of blockchain transactions (producer transactions and data transactions) in order to ensure the availability of product data during the off-chain process. A hybrid access control mechanism was implemented to encrypt product data and share secret keys exclusively with authorized data users. This solution effectively protected the privacy of product data, provided fine-grained access control, and ensured end-to-end traceability of the entire product data generation process. Performance tests showed that the computation and communication costs during the key generation phase did not exceed 81.592 ms and 2.83 kB respectively on the secp256k1 elliptic curve (providing 128 bit security). The data submission phase incured cost of no more than 50.251 ms and 3.59 kB, the data update phase did not exceed 251.596 ms, and the data retrieval time remained under 311.104 ms. Performance comparisons with similar schemes confirmed the efficiency of this solution.