[2023-05] Development of a Data Trust based Model: Compliance and Business Model Generation
Development of a Data Trust based Model: Compliance and Business Model Generation
Yei Jin, Kim Moon Soul Graduate School of Future Strategy, KAIST Sung-Pil, Park Moon Soul Graduate School of Future Strategy, KAIST
Abstract The importance of data has become so prominent that it's often compared to the lifeblood of a new era. Every company and economic entity is to access and utilize it to generate economic value. The global data market is expanding rapidly, and this growth is expected to persist. Notably, we are witnessing an increase in direct transactions between data producers and users, as it becomes imperative to secure relevant data for specific industries and application fields. However, clarity remains elusive regarding data rights, both internationally and domestically, and the question of data ownership. Consequently, parties involved in data transactions largely rely on individual contracts. In Korea, despite the introduction of data exchanges, there's a significant lack of laws or systems to protect consumers, making it challenging to ensure high-quality data transactions. To address these concerncs, this study aims to develop a data transaction business model that can clearly define transaction objectives, alleviate data transaction instability, mitigate factors that restrict data transactions, and improve the convenience and transparency between data transaction parties.
Keywords: Data Trust-base Model, Data Ownerships, escrow, data transactions