Abstract

Purpose: This study aims to examine the main contents and meaning of the revision of the Data 3 Act, which took effect in August 2020, and to examine the current status of domestic and major countries for future data economy prospects centered on data transactions. In addition, I would like to present implications for Korea’s policies and market conditions to respond to a data economy-oriented society.
 Research design, data, and methodology: Due to the emergence of an intelligent information society and the development of the 4th industrial revolution, it is transforming into a digital data economy, and the importance of data use is increasing and interest in how to regulate data use is also increasing. In the meantime, it can be seen that the big data economy is being activated by allowing both individuals and companies to actively utilize big data, which is an essential element in the high-tech industry, with the recent revision of the Data 3 Act. Of course, the complexity and uncertainty of the Data Use Act in relation to the main contents of the Enforcement Decree of the Data 3 Act hinder the development of the data economy, and there are still issues to be discussed, such as conflicts between the Personal Information Protection Act and the Credit Information Protection Act. However, since encouraging results are expected in terms of revitalizing data use, this paper will first examine the data economic environment and domestic and international trends, and suggest ways to protect data rights, establish governance, and efficient management.
 Results: This study reviewed the concept definition of the data economy and the background of the emergence of the data economy market by examining trends in Korea and major countries, focusing on the Data 3 Act, and also presented directions and efficient management measures for data governance.
 Implications: At the transition to the data economy, legislation can be divided into two pillars: data utilization based on the various uses of big data and data protection based on personal information protection, and it can revitalize the data economy by sufficient technological supplementation. Data governance should be organized and operated, and data economy frameworks should be harmonized to establish, enforce, and interpret various laws related to data and have a consistent direction and orientation that can be fully recognized by various economic actors.

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