ICONLOOP is teaming up with Gitple to bring PDS technology to MyData.
ICONLOOP has agreed with Gitple, a first-generation MyData operator, to lay the groundwork for a hyper-personalized MyData business built on a PDS (Personal Data Store).
The two companies signed a memorandum of understanding on August 23 to pursue a blockchain-based MyData business together. The signing ceremony took place at ICONLOOP's headquarters, where ICONLOOP CEO JH Kim and Gitple CEO Youngmin Cho joined in committing to a leap into a new MyData era powered by blockchain technology.
At the heart of the agreement is the plan to apply ICONLOOP's PDS technology to Gitple's MyData platform, so that the platform can work with non-financial data — the everyday convenience information that sits outside financial records. The two companies will turn information from areas such as health, transportation, and telecommunications into usable data through PDS, then combine it with the financial information Gitple already handles to complete a picture of "hyper-personalized MyData" and open up far broader data use.
PDS (Personal Data Store)
A secure vault that encrypts an individual's sensitive data so that only that person can unlock it, keeps it separately, and lets the owner grant access to others as needed.
The PDS technology being applied here — for the safe use and storage of everyday convenience data — was developed in-house by ICONLOOP on the strength of its own engineering. A PDS encrypts sensitive personal data so that only its owner can unlock it, stores it separately, and lets that owner grant other people access when they choose to. The storage layer itself cannot see the data, and only the people the user has authorized can reach it, and only for the period the user allows. That combination has drawn attention as a core technology for the MyData era, where all kinds of data need to be stored and shared safely. Blockchain plays a critical role here: it guarantees the reliability and integrity of the data held in a PDS while securing the individual's sovereignty over it.
With PDS in place, the two companies expect to enable data use that goes beyond what MyData operators have concentrated on so far, and to deliver far more finely tailored information. Beyond that, when you can consolidate the data scattered across countless services into one secure personal store and take the lead in sharing and using it yourself, true self-sovereign identity (SSI) comes within reach.
Given how many MyData businesses have recently moved to adopt a PDS, it seems we are finally crossing from the MyData 1.0 era — where control over data was still constrained — into the MyData 2.0 era. Working with Gitple, a front-runner in the MyData business, we will do everything we can to help individuals use their own information more safely and more conveniently on the back of blockchain, the technology of trust.
ICONLOOP CEO JH Kim
Eight months into serving customers, we concluded that we needed to launch a differentiated service to stay competitive. That led us to join hands with ICONLOOP, a company that has successfully carried out projects with local governments and enterprises on the back of its own blockchain technologies, including PDS, DID (decentralized identifier), and NFTs (non-fungible tokens).
Gitple CEO Youngmin Cho
Gitple, ICONLOOP's partner in this agreement, is a first-generation MyData operator and a data-driven fintech company. It runs financial services such as Better, an asset management and advisory platform, and Finset N, a MyData-based loan comparison platform, along with the Gitple Chat chatbot. Starting from this agreement, the two companies plan to cooperate across a wider range of areas to bring the value of MyData and blockchain into everyday life — so keep an eye on what comes next.
- Gitple | A spoonful of technology added to work and life
- A solution for anyone worn out by too many finance and customer support channels. Financial checkups, financial shopping, customer inquiries — handle it all in Gitple.
- gitplecorp.com
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