The General Data Protection Regulation (GDPR) was introduced and will be implemented to protect EU citizens from institutions exploiting their data recklessly and to give them full control and ownership over what data is shared, where it’s shared and how it’s shared. This new regulation creates market circumstances where there is an increasing demand for business models that create innovation for personal information services. MyCreditChain, which aims to revolutionize the process in how personal information is gathered and used, is considered the most promising project. The company plans to return the ownership of personal information back to the owner so that the owner can make a profit from it.
MCC, blockchain-based ecosystem in which personal information becomes an asset
MyCreditChain (MCC) is a blockchain platform of personal credit information. It builds a safer and more transparent credit information market where individuals can collect and save their personal data in real time. It plans to incentivize each user to provide personal information like income and credit card usage by offering them cryptocurrency. MyCreditChain provides a platform where each user sells personal information to companies in need of such private information.
In this regard, MyCreditChain promises the quality of information and provides the latest information. To keep up-to-date, users do not have to manually update their data. Upon each user’s consent, MyCreditChain provides automated data gathering directly from original sources like National Pension Service. When a user moves, changes jobs or has any change in salary, the changes are automatically reflected on the information provided by MyCreditChain. A vast array of personal information is encrypted and stored in distributed databases.
MyCreditChain is based on an open source-based private blockchain, Hyperledger, and InterPlanetary File System (IPFS) as a distributed storage system infrastructure.
Hyperledger stores transaction records, and IPFS stores actual data. Storage providers for IPFS will share fees with the information selling users using the provided storage, and the fees will be provided by the companies requesting the data.
New credit information can be revealed within the MCC network.
MCC adopts a unique airdrop mechanism. The analysis of gift giving and receiving patterns derived from the MCC airdrop generates a new confidence index of a person. In addition, by utilizing MCC’s airdrop system in which each person’s reputational profile is revealed and alternative data collected by the data scrapping engine, MCC can provide credits for those who do not have access to CB network, traditional credit bureau scores. Personal data provided and sold within the MCC network will be helpful for 3rd parties as well because they can resale processed data and other add-value functions.