The virtuous circle of data value : Gyeonggi Data Dividends

World's first data dividends policy starts in Gyeonggi-do. The value of data from the usage of local currency paid back to the users.

Gyeonggi Data Dividend Definition
'Gyeonggi Data Dividend' is defined as 'the world's first case of data sovereignty' in which user-generated data can generate dividends (from revenue), though a small amount, from people who use these data. We want to encourage the discussion, and furthermore, the future in which anyone who gains from the data is a precedent for sharing revenue with the producers of said data. Let's look into all about data dividend.

What are Data Dividends?

Data dividend is a concept that when a company collects and utilizes the data of consumers and makes a profit, it should return a portion of that profit to each individual who contributed to the production of that data.
For the ones who have supported and played a part in the Gyeonggi local currency, Gyeonggi-do wants to divide the profits of trading local currency birthed from usage data through data dividend for the first time in history.

Why should Data Dividends be implemented?

Global leading IT companies are making profits by collecting and utilizing various data. Gyeonggi-do has declared the data sovereignty of the people of Gyeonggi-do, who are essentially the producers of data, and has set up the first testing of the compensation system for the contributors of data production.
By realizing data compensation, it will open up doors to a virtuous data cycle between the producers and companies that use these data.

Does data include personal information?

The data that is traded does not contain the personal information of local currency users, but it includes statistical data that comes with the usage of local currency such as age group, gender, and payment history. Personal information is then thoroughly removed through categorization and de-identification.

Will my personal information be distributed without my consent?

This is not the distribution of personal information. There is no personal information included in the statistical data of local currency users in Gyeonggi-do. All personal information is removed from the beginning of the collection stage. In addition to this, the data goes through categorization and de-identification before use.
*Status of scheduled local currency data through data categorization and full processing (transaction data, gender code (female: F / male: M), age (30s / 40s / 50s), product ID (Suwon Pay / Bucheon Pay), weekly payment amount, merchant number)
No personal information is leaked during the process of data dividends

How is the traded data used?

The traded data will be provided to institutions that require said data such as educational institutions, research institutes, and companies for research purposes on ways to revitalize traditional markets and alleyways. These data include region, age, product preferences, sales volume analysis, and economic effects of local currencies.

For example, by analyzing the use of local currency, it is discovered that the usage of local currency contributed to the increase in sales of alleyway shops, and that most people who patronize Korean food franchises are in their 40s to 50s. This information can be used to further determine the future policies that can help revitalize the local economy.

What is the post-processing method of data after usage? (Validity & Disposal)
The validity period of the data will be confirmed through future research, and the disposal process related to data utilization will be established to ensure the safe handling of data.

Where is the data used?

The traded data will be provided to institutions that require said data such as educational institutions, research institutes, and companies for research purposes on ways to revitalize traditional markets and alleyways. These data include region, age, product preferences, sales volume analysis, and economic effects of local currencies.
 
Data is used for revitalization of traditional markets and alleyways

How much are the dividends?

Local currency card users who contributed to the data production will be paid an amount divided equally among all contributors after the deduction of processing fee. (Dividends paid of February 20th was at 120won per card)

What is the local currency dividend policy?

-          Dividend Policy (Principal): The dividend policy decision is made by Gyeonggi-do, and the governing body is the municipal and county.
-          Dividend Target: Gyeonggi Local Currency Card with usage records from April to December 2019
-          Dividend Calculation Method: (Local Currency Data Transaction Amount – Processing Cost) / Number of Local Currency Cards
-          Data Dividend Name: Gyeonggi Data Dividend

Can I receive dividends if I am using a local currency card?

Eligible cards will be selected based on whether the county consents to the local currency card and whether or not the card was used. Dividends will be paid after the settlement is announced in mid-February.

Is there a relationship between the passing of Data Act 3 and the Data Dividend?

The data we use at this time does not contain personal information, so it is not directly related to the Data Act 3, which is the basis for using personal information.

How can I receive data dividends?

Dividends will be automatically paid to the local currency card if there is a record of usage between April 1, 2019 and December 31, 2019.

Can I keep on receiving dividends?

This time was a one-off pilot trial, and we plan to supplement our data dividend policy based on wide-ranged opinion collection, data provision and usage.

Why aren’t dividends paid in my region?

The Data Dividend is a concept that returns the profits generated through local currency card data back to the people who used the local currency cards and provided the data. As such, dividends are only paid to those regions where the local currency cards are in use.

 Will I receive more dividends if I have multiple cards?

Yes, you will. This is because the local currency, which is available only within the county, will contribute more to the local economy. Dividends are paid equally on all cards with payment records.

Do individuals have to apply to receive dividends? Can I receive dividends?

There is no need to individually apply for dividends. They will be paid accordingly to local currency cards with records of use between April 1st 2019 to December 31st 2019, and if it was used in a country which has agreed to the dividend agreement.

Why is there a need for a county agreement?

As a result of legal advice according to Article 20 (Additional Project) of the agreement with the local currency operator KONA I, Data Dividend is considered an ‘Additional Service Project’, and therefore the consultation of the county is required.

*Article 20 (Additional Projects)
1. In order to revitalize Suwon Pay, the City shall review and actively promote related laws and regulations such as the Ordinance to allow the payment of policy allowances, incentives, rewards and prize monies to Suwon Pay.
2. “KONA I” may use the platform to conduct business such as other businesses, merchants, additional services, and affiliated businesses (new partnership card planning, sales, etc) with the City.

How much can I get after the dividend? How do I know if I can get a dividend?

The dividend amount can only be determined when the county enters into agreement. When the county is confirmed, the dividend amount and target parties will be announced on the local currency app and homepage.

Can I receive dividends by using the policy allowance card I received for youth basic income?

If you signed up using the app, you can still receive dividends with the card you received as a policy allowance. This is because the Gyeonggi Data Dividends are paid to each card with usage records.

I’m not sure what you mean, can you please tell me in more detail?

If you have any questions regarding data dividends, please contact the Gyeonggi Provincial Government’s 120 Call Center for more information.


[Contact Information]
Telephone: 031-8008-3952, 8008-3958, 8008-3854, 8008-3855



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Gyeonggido-Korea (경기도): The virtuous circle of data value : Gyeonggi Data Dividends
The virtuous circle of data value : Gyeonggi Data Dividends
World's first data dividends policy starts in Gyeonggi-do. The value of data from the usage of local currency paid back to the users.
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