Currently, the government is implementing various policy supports so that the D.N.A. Ecosystem Reinforcement project can take root in people’s daily lives. One of these supports is the MyData project, which is scheduled to be implemented in the financial and public sectors in the second half of this year.
MyData allows an individual to actively manage and control their own information while actively utilizing it for credit and asset management.
For example, it is a concept that clearly defines the owner of financial data, such as bank account or credit card usage details, as being the individual, not a financial institution. MyData service is already being implemented in the data industry in developed countries such as the U.S. and the UK.
Focus on the Asset Value of Data in the Digital New Deal
SNPLab, Inc. is a company specializing in block chain, DID, on-device data combination analysis, and privacy technology. The goal of the support project that SNPLab participated in this time is to provide customized financial information and economic compensation by analyzing leading indicators of combined personal information in mobile terminals targeting financial and non-financial data. This is in line with the “implementation of MyData service focusing on the people“ announced by the Ministry of Economy and Finance.
"We have come to the conclusion that the reason why it is difficult to solve the privacy issue while working with software security and privacy prior to its establishment lies in the data utilization mechanism itself, not technology. That's why we've developed a MyData platform, based on individual mobile devices rather than on corporate servers, to shift the paradigm of data utilization."
![[마이데이터 상품 이미지 1]](img/sub/4-3/img4_1.png)
[MyData Product Image 1]
What can we do through SNPLab's MyData platform? First of all, you can directly check and manage which of your own personal data sets is being provided to which companies. Based on your MyData account, you may receive the most necessary information or customized advertisements. You can sell personal data directly to a company and receive various commissions depending on the type, duration, frequency, and purpose of the data. It is also possible to trade new updated information in real time.
In other words, the purpose of the system pursued by SNPLab, Inc. is to return the revenue generated from MyData to yourself; in other words, “my data” goes to “myself.” The goal is to open a true era of “my data” where people can check who uses the data they create, where, and for what activities they use it, and receive a fair price for it.
Revolutionary Change in the Use of Personal Data
No one would challenge that personal information belongs to the individual. However, it is true that it has been difficult for individuals to properly exercise their data ownership rights in society. When an individual logs onto a site to buy or search for products, the company benefits from data collected and has used it as a marketing tool that they profit from. However, the benefits are not shared with the customers who have provided the personal information.
![[마이데이터 상품 이미지 2]](img/sub/4-3/img4_2.png)
[MyData Product Image 2]
SNPLab. Inc. has changed the unequal consumption structure of personal information and set out to pioneer a new digital ecosystem where both producers and consumers of personal information can benefit.
However, there a problem was encountered that needed to be addressed first. It was necessary to find ways to handle a number of complex consent procedures resulting from personal data movement, and to address security and privacy risks from data centralization.
To this end, we created a structure that allows individuals to directly control data within the terminal, eliminating the need for consent to collect personal information and, through data decentralization, significantly lowering security risks.
Various patent technologies related to blockchain utilization and personal information management were mobilized to create such platforms. Finally, SNPLab succeeded in establishing a mobile terminal-based MyData platform that fundamentally solved security and privacy issues.
As a result, individuals can receive practical and direct compensation for the use of their data, and companies can safely use personal data without compliance issues.
Data Market Project Launched by SNPLab Inc.
Currently, there are two services available from SNPLab. One is MyD, the first MyData platform, through which individuals can register and manage their data and sell the data to companies to purchase exchange products with points.
Available data vary widely, such as health information, insurance information, financial information, credit card information, general purchase information, and car purchase information. The other service is MyD B2B. As a platform for purchasing user data, this service allows companies to purchase data of MyD users.
Through this, unlike the Financial MyData platform currently led by the Financial Services Commission, We provide a new MyData platform that can utilize various kinds of data such as health, medical, shopping, and search terms.
The MyD service was launched on Google Play Market and recorded 60,157 downloads as of December 14, 2020, with a customer satisfaction survey of 8.8 points out of 10. It was exported to Japan in the form of a demo license last year, and it is scheduled to attract foreign investment within this year.
“Through this support project, SNPLab has welcomed a total of 12 new employees. They will become a strong force responsible for the growth of SNPLab in the future. We are implementing various educational programs and welfare systems in order to return the achievements we gain from them.”
As the amount of data is explosively increasing and the demand for meaningful and valuable data is increasing, there will be many opportunities for SNPLab in the future. We hope that meaningful achievements gained in a short period of time will serve as another stepping stone for the company's continued growth.
Mini Interview
Q1. What has been the result of participating in this project?
“As a MyData specialist firm, this support project allowed us the opportunity to examine the market response without an expensive outlay. In addition, we have been able to obtain a reference that could help the company grow and develop.”
Q2. What's the secret to your success?
"We've been looking at products and markets in a new way and trying to approach them in a way different than ever before. I think this was an opportunity to catch the attention of users. I also think that another key to success has been to think about and implement how to market more efficiently under the same conditions."
General Status
