As online non-face-to-face demand rapidly expands due to COVID-19, the transition to the digital economy is becoming an important factor in determining the competitiveness of the country. Data, a key resource of the digital economy, is an important production factor and a role like crude oil in the era of the 4th industrial revolution, and a data-driven economy that uses data to create innovation in the future is expected to become a paradigm for economic development.

In line with this, the government has been pushing for policies to create added value in the data economy since 2021 by establishing a comprehensive plan for the Korean version of the New Deal and promoting the digital New Deal project. The National Assembly also revised the Data 3 Act to enable the use of de-identified data without the consent of the information subject.

Recognizing data as assets of individuals, that is, information subjects, strengthening protection, and preparing measures to actively utilize it for various economic activities, which can be said to be the core of MyData.

Just as crude oil has to go through a refining process to make it a product, it is essential to establish an ecosystem that can collect, analyze, and utilize various data in order for data to be useful. In particular, MyData is an important asset of the information subject, so the safe use of data should be premised.

In this article, I would like to understand the entire ecosystem of MyData and suggest ways to link with blockchain technology in data security and authentication, and what is Shinhan DS’s approach direction in the future.