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News[Interview] "Taking Back Control of Personal Data": Sakak Launches MyData Solution CANDiY

관리자
18 Nov 2022
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[Original Article] https://news.mt.co.kr/mtview.php?no=2022111614585793539


(GeonGyu Bae, Sakak CEO)


"Reclaim and Safely Utilize My Personal Data."


The concepts of ensuring data subject rights, data sovereignty, and data portability have emerged since 2016, but they have not gained widespread adoption in South Korea due to the sensitivity around personal data breaches. 

The 'MyData services' have primarily been driven by governments, financial institutions, and fintech or big tech companies, resulting in a structure where personal data is utilized more by these entities than by the individuals who own the data. In this context, MyData refers to a shift in the data ecosystem, where the focus moves from companies and services to the data subject, placing individuals at the center of data usage.

To address this imbalance, a new solution is set to launch, giving full control over personal data back to the individuals themselves.

Sakak announced on the 16th that it plans to launch 'CANDiY' (Can Do It Yourself with Data), a decentralized, Web 3.0-based MyData platform, in the first half of next year.

CANDiY is a service that consolidates and manages fragmented personal data from public, financial, and medical institutions, giving full control of data usage solely to the individual data owners. Security and transparency, the most crucial elements, are ensured through blockchain technology.

The platform also creates a structure where companies in industries with high demand for personal data, such as healthcare, education, and consumer behavior, can connect with users, allowing users to monetize their data.

GeonGyu Bae, CEO of Sakak, said, 'We developed CANDiY to improve the MyData services dominated by public institutions and corporations. Our focus is on returning control of personal data to the individuals while ensuring transparency and security, enabling efficient management and safe use of personal information.' He added, 'We are currently collaborating with both domestic and international companies in preparation for the platform's launch in the first half of next year, with plans to target the U.S. and European markets as well.'

Bae further acknowledged, 'Although the Sakak team consists of technology experts, our lack of entrepreneurial experience was supplemented by the support from Soongsil University's Venture Small Business Center, which provided invaluable assistance in patent filing, marketing, and entrepreneurship education, significantly enhancing the completeness of our project.'

With the launch of CANDiY, Bae envisions attracting a large user base and setting a new paradigm in the data market by enhancing the value of personal data as an asset and facilitating its efficient management.

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