ICONLOOP Signs MOU with Pohang City, POSCO, POSTECH and Others to Build a Pohang Data Ecosystem
September 25, 2020, Seoul — ICONLOOP (CEO JH Kim), a leading Korean blockchain company, announced on the 25th that it has signed a memorandum of understanding (MOU) on building a Pohang data ecosystem together with Pohang City, POSCO, POSTECH, and other partners.
The MOU was concluded with the aim of growing Pohang into a hub city for the data industry leading the advanced data economy in the era of the Fourth Industrial Revolution, and of improving the quality of life for Pohang residents through advanced technology. Pohang City, POSCO, the POSTECH Graduate School of Artificial Intelligence, and four private companies — the blockchain specialist ICONLOOP together with ▲PMGROW (EV batteries and data solutions), ▲U2MEDTECH (AI medical devices and digital healthcare), and ▲Whirang (engineering and entrepreneurship education) — are joining forces to cooperate on building the data ecosystem.
The main areas of cooperation are ▲establishing a mutual cooperation framework for identifying and systematically collecting data across a range of fields including non-face-to-face services and fintech, mobility and energy, edtech, and healthcare; ▲building systems for scientific R&D and for making use of accelerator big data; and ▲pursuing programs to train specialists in artificial intelligence (AI) and big data analysis. The partners also plan to cooperate on sector-specific projects for building and developing Pohang's data ecosystem.
Through the agreement, ICONLOOP plans to cooperate on creating a digital ID ecosystem in Pohang on the basis of its proprietary DID capabilities built on MyID, and to build a genuine smart citizen life by linking that ecosystem to a range of fields including finance and healthcare.
"As the concept of data ownership — guaranteeing the rights of data subjects — steadily spreads, ICONLOOP will work with Pohang City to return individuals' rights over their own data to them through blockchain DID, and at the same time contribute to building a safer and more convenient data ecosystem," said ICONLOOP CEO JH Kim.
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