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[CoinDest] “In the Web 3 era, information sovereignty moves from platforms to individuals”

[Source] Coindest 2023.08.29

“In the Web 3 era, information sovereignty moves from platforms to individuals”

On the 29th, law firm Mission and CoinDesk Korea held a 'Legal Review Seminar on Web 3.0, Privacy, and DAO Operation' at the Hashd Lounge in Mirim Tower, Gangnam-gu, Seoul. From the left, EQBR CEO Lee Hyun-ki, salt mine CEO Yoo Chang-hyun, zkrypto CEO Oh Hyun-ok, Hopae CEO Shim Jae-hoon, and Kim Seo-ryong, lawyer at Mission Law Firm. Source = CoinDesk Korea

“Through the fundamental elements of Web 3, such as decentralization, lack of trust, and data control rights, we can create a structure in which information subjects fully control their data. Through this, the subject of personal information will move from platforms to individuals.”

Attorney Kim Seo-ryong of Mission Law Firm, a law firm specializing in startups, said this on the topic of ‘Web 3 Business and Privacy’ at a legal seminar held at the Hashd Lounge in Mirim Tower, Gangnam-gu, Seoul on the 29th. The seminar was co-hosted by the law firm Mission and CoinDesk Korea.

Attorney Kim pointed out that personal information protection in Web2 has clear limits. He said, “In Web 2, individuals cannot express consent completely voluntarily,” and “it is difficult to confirm whether information is actually used within the scope of consent.” He added, “It is especially difficult to control companies located outside the jurisdiction, such as overseas platforms.”

He predicted that these problems could be solved with Web3. He explained, “In Web 3, the information subject can entirely decide whether to provide information or not,” and “access is only possible within the scope permitted by the subject.” He continued, “Companies need permission to access individuals’ data, and then they provide appropriate compensation for the use of the information.”

Following Attorney Kim's presentation on this day, a panel discussion was held in which industry officials participated. Hyunki Lee, CEO of EQBR, Changhyun Yoo, CEO of Salt Mine, Hyunok Oh, CEO of zkrypto, and Jaehoon Shim, CEO of Hopae participated as panelists.

CEO Hyun-ki Lee cited centralization as the key difference between Web 2 and Web 3. He said, “Web 3 is essentially different from Web 2 in that individuals directly manage information and execute transactions,” and “there is no central entity.”

CEO Oh Hyeon-ok predicted that in the Web 3 era, individuals will be the owners of intellectual property (IP). He predicted, “Currently, digital transactions are centered around platform companies, but in the Web 3 era, individuals can own data and have the right to sell it independently.”

CEO Yoo Chang-hyun said that in order to move forward with Web 3, actual usefulness must be provided to the public. He said, “Even if we mention and persuade the need for Web 3, it is meaningless if the public does not find it useful,” and added, “Technical improvement is important, but overall public consensus is important.”

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