Gyeonggi Province Establishes 'World's First' Regional Currency Data Dividend System
Suwon NewsPublished 2019.12.17 06:26
Creating new revenue through active data utilization and establishing 'data virtuous cycle system'Personal information thoroughly excluded and processed into de-identified data ... No concerns about personal information leaks
[Suwon Ilbo=Park No-hun Reporter] Gyeonggi Province has completed the establishment of a 'world's first' data dividend system that returns revenue generated from regional currency data transactions to residents in the form of regional currency, and will begin full-scale service provision starting next year.
The province announced on the 17th that at the 'Second Gyeonggi Province Regional Economy Big Data Platform Consultation Meeting' held on the 5th, which was attended by representatives of participating platform institutions including Korea Enterprise Data, Regional Currency Data, and Gyeonggi Credit Guarantee Data, it decided to pursue providing data dividend services beginning in January of next year.
This project was selected for the 'National Big Data Platform Project' being pursued by the Ministry of Science and ICT, and was concretized through the development of innovative services by the province and 12 participating institutions (Kona AI, AIM Cloud, Gyeonggi Credit Guarantee Foundation, Gyeonggi Province Economic Science and Technology Promotion Agency, etc.).
A 'data virtuous cycle system' has been established in which statistical data with personal information removed is provided to institutions that need data such as research institutes, schools, and companies to create new revenue, which is then returned to residents. This is evaluated as having significant meaning as the first starting point for a paradigm shift to a data economy.
Looking at the structure of the data dividend system in detail, regional currency data used by residents is processed into de-identified information through the platform and analyzed, then sold to research institutes, schools, companies, and other institutions that need data.
Subsequently, a portion of the revenue generated is distributed to residents who directly used regional currency through the regional currency system.
The province explained that information such as ▲transaction date ▲gender code (Female:F/Male:M) ▲age range (30s/40s/50s) ▲product ID (Suwon Pay/Bucheon Pay) ▲weekly payment amount ▲affiliated merchants can be identified, making it useful as data for economic impact analysis and other purposes. However, personal information such as date of birth and mobile phone numbers is thoroughly excluded during the de-identification process.
Meanwhile, the province evaluated that while the first expected sales amount for regional currency usage data is approximately 50 million won, which is not a large sum, it holds important significance as 'a first step toward realizing data sovereignty.'
Lim Moon-young, Director of Future Growth Policy, stated, "This is a system that distributes revenue generated through data utilization to regional currency users in the form of regional currency through the regional currency system, and will serve as a first testing ground for establishing a compensation system for individuals' contributions to data generation. We hope it will become a representative model case of actively utilizing data and returning profits to contributors."
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