In the context of integrating modern information technology and new engineering, this paper first sets up new alternative controller nodes and data nodes in the whole blockchain network, which no longer requires administrators to maintain the platform and eliminates the problem of centralized trust crisis. Then the data nodes are optimized through RP-PBFT consensus according to blockchain technology, and the data nodes pack and encrypt the transaction data based on an elliptic encryption algorithm to store it on the new block while distributing the data to all other data nodes. Finally, from college students themselves, with the essential purpose of improving college students’ innovation ability as the research, the effect of blockchain technology on the development of college students’ innovation and entrepreneurship practice community is analyzed. The results show that the average values of innovation spirit, innovation consciousness, innovation thinking, innovation learning ability, and innovation practice ability are 3.76, 3.75, 3.71, 3.80, and 3.76, respectively, which can be seen in the community members’ feelings of the improvement of innovation and entrepreneurship ability. This study applies blockchain technology to the innovation and entrepreneurship information data service platform of college students not only can solve the trust crisis of administrators based on the centralized working model and accelerate the transmission of entrepreneurship information.