As MyData grows and spreads, what does full data sovereignty look like?
We came across a contributed piece on a future in which the growth and spread of MyData brings about full data sovereignty, and we wanted to share it. You can read the full article at the link at the bottom of this post.
Along with it, we are sharing a talk given last year by ICONLOOP CEO JH Kim at an event we held with Yeosijae, the national future strategy think tank, under the theme "Can the Three Data Acts Make Our Lives Smarter?" — the talk runs along the same lines as this piece, so you will find it below the article.
[Contribution] My Big Data
The most urgent question in big data is how to make use of the information that individuals generate. Only a few years ago, people paid little attention to what data they were handing over or how it was being used, and naturally even the phrase "ownership of data about oneself" sounded unfamiliar. But as personal data scattered here and there was caught up in one security incident after another, the importance of data emerged as a social issue. In September 2020, amendments to the Personal Information Protection Act, the Network Act and the Credit Information Act — the so-called Three Data Acts — were passed, anonymizing personal data while removing duplicative personal-information regulation across government bodies and enabling the lawful use of information.
The term this trend produced is "MyData." The institutions holding the data are not the ones that own it. Ownership of data belongs to the individuals who provided the information, so individuals must be able to easily receive and use their own scattered data. Financial institutions are ahead of the pack in this area, but it will take a little more time before individuals know what they can do wisely with their own data.
Advances in science have brought an explosion of data on a completely different scale. According to Digital Healthcare (2020) by Dr. Yoon Sup Choi, a futurist in medicine, the use of personal genomic information has already begun. The Human Genome Project — 13 years and USD 27 billion — was about reading the three billion base pairs of the human genome. That scientific progress opened the era of analyzing individual genetic information, and services are already commercialized in the United States. The Genome Project was completed in 2003; with today's technology one person's genome can be analyzed in a matter of hours, at a cost of under KRW one million. To call the genetic information an individual holds "my data" is a serious understatement. It should be called "my big data."
The use of personal genomic information has already begun
<Digital Healthcare (2020)>, Dr. Yoon Sup Choi, futurist in medicine
Analyzing genes requires artificial intelligence, because there is no way to know in advance which factors will influence which others. This is where the means to prevent genetic and other diseases in advance lies. You can learn how high your risk is for various diseases, and you can find out how sensitive you are to particular drugs. You can also learn whether you carry the factors for a hereditary condition.
What happens to the world once MyData reaches maturity? We are living in the future Alvin Toffler predicted, and another futurist, Yuval Harari, foresees a future in which artificial intelligence is ubiquitous. From here on, it is fair to imagine somewhat radical change. Ask the Ministry of Education portal out loud for all of my graduation certificates and I should receive them immediately at my registered email address. A single spoken request will show me all of my financial assets. Assets tied to banks, securities firms and insurers — plus the money sitting in games and the money I have left with Starbucks — will all be visible at a glance. After I die, my family will be able to easily find the money I tucked away.
If the individual permits it, all of that individual's information can be used. From now on, the documents you submit to a company or a public agency will only be the new data. As for the graduation and transcript certificates attached to a job application, the company can simply check with the school directly. A personal statement is newly created data, so you write it and submit it. The National Tax Service's year-end settlement process will be simplified to little more than receiving objections. Data sovereignty has truly arrived. Gather data and it becomes both power and money.
- Source: The Korea Economic Daily
- Original: https://www.hankyung.com/opinion/article/202103109686
Watch ICONLOOP CEO JH Kim's talk, "MyID and Data Sovereignty" ▼