The importance of ‘Data’ cannot be emphasized enough in today’s information era that changes and develops each day.
In many businesses, data is the key to competitiveness, and future initiatives will also depend on how data is used. Especially in the coming era of the fourth industrial revolution, data is expected to create new collaborative businesses by linking data with conventional industries with the sharing of information. A new business model that utilizes vast amounts of data is emerging and this will create unprecedented value.
The Expanding Data Market
The global data industry market is expected to grow significantly from USD 69.6 Billion in 2015 to an estimated USD 132.3 Billion in 2020. In addition, the ‘Information Servicing Market’, which provides information online and offline using data separately from the data industry, is continuously expanding from USD 1.5 trillion since 2016. In addition to the value of the data industry itself, informational services using data are expanding.
The market surrounding data is developing in various ways. In Korea, the data platform market which is at its infancy, is being expanded by overseas cloud infrastructure providers using big data platforms. The big data platform market in Korea has not yet bloomed to its full extent, and is expected to launch various services with the revitalization of the market.
The data commerce market is also growing rapidly as the quality of data is improved and companies holding data are actively participating in the data business. The size of these related businesses will depend on the regulations of personal information policies and improvement of specific policies. In addition, in the data distribution market, big data-based services are widely expanding, and the market of acquiring data is increasing with the use of smartphones. This includes the increase of personalized informational services, and real-life uses of information services which are acting as the spark for this expansion.
Prerequisites for a Successful Data Distribution Platform
There is not yet a clear business profile for the data distribution platform that will play a key role in implementation of the data-related businesses. Recently, the Korean government has been promoting data business implementation through a policy called MyData.
However, the reality is that the experience of a customer providing their individual data to gain goods or benefits is not yet common. Many people feel reluctant just from the fact that their data may be shared with someone. Most importantly, addressing the concern that personally provided data could be misused can be the starting point for moving forward.
Ownership of data derived from customers’ also can be an issue. Is the account balance or transaction history of an individual managed by the bank the customer’s data or the bank’s data? It should be considered that the ownership of the information is in the customer (businesses, individuals) as the bank is only managing and providing services required for the individual. Yet, when it comes to use of this information, companies managing the data typically only use it for their own gain. If an individual has permitted to provide any particular data that is held by a bank, while the information may be freely available for 3rd parties, the revenue should go to the customer who provided the data.
Legal restrictions also exist. There are many rules that must be abided, such as encryption of customer data, storage periods, storage locations, and the scope of data distribution. Legal provisions may not become an issue if relevant regulations related to the services are clearly obeyed and steps to take when data is stolen is clearly informed. This is because important personal information (such as personal registration numbers) that are stolen from customers can be secured by blocking the ability to use this type of information. Blockchain technology can be a clear solution for this.
In order for data distribution platforms to emerge and enter the market, personal perception must be changed more than anything else. It is a priority for individuals to understand that they are able to become a “pool” of information without providing their own sensitive information. The perception that data provided safely according to the procedures that they have agree to will be rewarded with revenue must be shared.
MyCreditChain Explores the Potential of a Data Distribution Platform
In Korea, there are emerging industries that are challenging new possibilities for data distribution platforms by utilizing new technologies.
MyCreditChain unveiled a new concept of a data distribution platform based on blockchain that aims to provide “Trust Data” that is differentiated from existing financial-based credit information. Ecosystems using blockchain technology and cryptocurrency enable individuals, companies and organizations to easily create and utilize “Trust Data”. It will also shares the revenue with all participants by accurately and transparently distributing transaction records of information flows and their costs.
The MyCreditChain Ecosystem is a system that generates and distributes personal trust data. With this new ecosystem, the big data will be able to perform a variety of business ventures. With Blockchain, MyCreditChain is implementing a service that overcomes the limitations of reliability in the existing centralized system. Three principles support this: first, the ownership and control of information to the individual, second, creating transparency and fairness of revenue distribution for data, and third, providing opportunities for all participants to make profits with their data.
MyCreditChain currently holds the technology for collecting, processing, and distributing data, and has verified through several cases for implementation by using a blockchain system that is able to manage it.
Source: Financial News
The Good Morning service is a <Blockchain-Based Reward Social Networking Service> developed by MyCreditChain. Unlike existing social networking services, it offers a distinctive value by providing gifts called ‘Seeds’ in the form of ‘Likes’ that can be converted into MCC tokens. It is an innovative service that allows for the direct and indirect experience of cryptocurrency without the investment of money.
Building Trust with Your Data!
MyCreditChain (https://www.mycreditchain.org) is
A blockchain-based, decentralized, Trust Data Distribution ecosystem in which individuals have the ability to capitalize on their own information and expand relationships through the MyCreditChain platform in order to create new credibility for the underbanked. Our goal is to return the ownership of personal information back to the individual and to create a free and equal society by giving the ability for each individual to reap benefits from their personal information and Trust Data.