As MyData businesses launch, attention turns to the personal data store — the individual's hub.
MyData businesses are set to launch in earnest on August 4. In connection with that, the Financial Services Commission (FSC) released its guidelines for MyData services in the financial sector this past February, and the debate over how to build the personal data store (PDS) — which will act as the individual's hub for MyData — has begun in earnest. Within that debate, interest is growing in distributed data stores built with blockchain technology rather than centralized ones. Blockchain-based DID (decentralized identifier), which aims to hand control of identity verification back from platform companies to individuals, ultimately points in the same direction as MyID, and the two are complementary in building a new digital world.
We came across an article that lays out clearly what a PDS actually is and what roles it will play in the MyData era, and we wanted to share it. You can read the full article at the link at the bottom of this post.
The Personal Data Store (PDS) Is Drawing Attention in the MyData Era — What Does It Actually Do?
At its core, MyData means returning sovereignty over an individual's information — information companies and institutions used to hold — back to the individual. Conversely, it means those companies and institutions lose the advantage in personal data utilization they have enjoyed until now. That said, because the government's MyData policy is aimed at creating and nurturing new industries at the same time as it returns information sovereignty to individuals, it is also giving companies and institutions an opening to build new businesses on top of that returned sovereignty.
In that light, the term heard most often in the early MyData market is the personal data store (PDS). MyData fundamentally allows important information such as an individual's credit data to be transferred to another institution or company under conditions where the customer can selectively consent. In the end, which institution or company can make better use of an individual's information and deliver more benefit to that individual is what will determine competitiveness in the early market.
The basic infrastructure for that data utilization, transfer and creation of business value is precisely the PDS. A PDS is a platform on which the data subject stores data safely and manages it systematically — meaning it substantively guarantees the right to self-determination over one's personal information. Through a PDS, an individual consolidates scattered personal data and keeps it in a secure place, then manages the data stored there according to their own will: requesting transfers, providing it to third parties, deleting it and so on.
That said, the FSC uses "storage," "store" and "space" interchangeably for PDS (Personal Storage, Store, Space), which shows it has its eye not only on a personal data repository but also on the PDS's role as a data marketplace. In practice, the PDS is what is attracting the most attention as an early revenue model in the MyData business.
In the early market, the roles around control and operation of personal data are concentrated in the PDS (Personal Data Storage) as a revenue business. In particular, businesses are likely to emerge around each component of the PDS. For example, personal data consent modules and control-management modules could become services, and from the standpoint of safe personal data utilization, businesses could emerge in MyData security technology as well.
Professor Younghwan Lee, Korea University
Where a customer's MyData is transmitted to that customer, the Financial Security Institute is currently reviewing transmitting the information to a PDS. The idea is that when a customer asks an institution or company to transmit information, the information is sent to the customer's PDS, and the customer receives and manages it through that PDS. Since it is effectively difficult for individuals to build such a PDS themselves, however, the likely approach is for individual PDSs to be built through institutions, companies or a MyData portal.
Some, though, are showing interest in adopting individual PDSs that use a person's own smartphone rather than building centralized PDSs at institutions or companies. The view is that competition among companies to win MyData with a PDS app will kick into gear, and that the benefit will ultimately flow back to the individual customer.
Alongside this, interest is growing in distributed data stores built with blockchain technology rather than centralized data stores.
The key direction of the "decentralized identifier (DID)," which mainly uses blockchain, is to hand control of identity verification back from platform companies such as big tech to individuals. Where identity has until now been provided using social logins from big tech companies, the expectation is that going forward, tailored identity provision using decentralized identifiers will be the effective approach. In that sense, MyData and decentralized identifiers point in the same direction, and they are complementary in building a new digital world.
MyData Korea Hub
- Source: Digital Daily
- Original: http://www.ddaily.co.kr/news/article/?no=210459
