ICONLOOP and First-Generation MyData Operator Gitple Lay the Groundwork for a PDS-Based Hyper-Personalized MyData Era
- Agreement signed to pursue blockchain-based MyData business
- ICONLOOP's own PDS (Personal Data Store) technology to combine and use financial data with everyday convenience data in a more secure environment
[Photo caption: The signing ceremony for the ICONLOOP–Gitple agreement to pursue blockchain-based MyData business]
August 23, 2022, Seoul — ICONLOOP (CEO JH Kim), a leading Korean blockchain company, is laying the foundation for a hyper-personalized MyData business based on PDS (Personal Data Store) together with first-generation MyData operator Gitple (CEO Youngmin Cho).
ICONLOOP announced on the 23rd that it has signed an agreement with Gitple to pursue blockchain-based MyData business. ICONLOOP CEO JH Kim, Gitple CEO Youngmin Cho, and others attended the signing at ICONLOOP headquarters, agreeing to work together on the leap into a new MyData era using blockchain technology.
At the heart of the agreement is applying ICONLOOP's PDS technology to Gitple's MyData platform, extending its use beyond financial data to non-financial everyday convenience information. To that end, the two companies plan to turn information from areas of daily life such as health, transport, and telecommunications into data through PDS technology, then combine it with the financial information in their existing service area to complete "hyper-personalized MyData" and realize far broader data use.
The PDS technology applied for the safe use and storage of everyday convenience data was developed in-house by ICONLOOP on the basis of its proprietary technology. PDS is a personal secure store that encrypts sensitive personal data so that only the owner can unlock it, stores it separately, and lets the owner grant access to others as needed. Because the store itself cannot see an individual's data, and only people the user permits can access it for a permitted period, security is strengthened — which has made PDS a technology to watch as a cornerstone of the MyData era, where safe storage and distribution of data is essential. Blockchain plays a particularly important role in guaranteeing the reliability and integrity of data stored in a PDS while securing individual data sovereignty.
With PDS applied, the two companies expect to enable data use beyond the areas existing MyData operators concentrate on, and to provide far more finely tailored information. Consolidating data scattered across many places into a secure personal store, from which individuals can distribute and use it proactively, should also make true self-sovereign identity (SSI) achievable.
"Judging by the growing number of cases adopting PDS in MyData businesses, we are finally at the point of moving from the MyData 1.0 era — where limits on data control persisted — into MyData 2.0," said ICONLOOP CEO JH Kim. "Through collaboration with Gitple, a leader in the MyData business, we will work hard so that individuals can use their own information more safely and conveniently on the basis of blockchain, the technology of trust."
"With our customer-facing service entering its eighth month, we judged that launching a differentiated service was necessary to secure competitiveness," explained Gitple CEO Youngmin Cho. "To that end we partnered with ICONLOOP, which has successfully delivered projects with local governments and companies on the basis of its own blockchain technology including PDS, DID (Decentralized Identifier), and NFTs (non-fungible tokens)."
Gitple is a first-generation MyData operator and data-driven fintech company running financial services including the asset management and advisory platform Better and the MyData-based loan comparison platform Pincet N, along with the Gitple Chat chatbot.
Starting from this agreement, the two companies plan to apply the value of MyData and blockchain technology to everyday life through cooperation across a wider range of areas.
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