Digital Asset Management and Blockchain

July 13, 2018

blockchain-digital-Asset-Management

Assets are things of economic value and they are normally associated with financial assets, such as estate and shares. Digital assets on the other hand are not tangible and they contain information such as online accounts, images, videos, audio files… The Wikipedia definition of a digital asset is “any item of text or media that has been formatted into a binary source that includes the right to use it. A digital file without the right to use it is not an asset. Digital assets are categorized in three major groups which may be defined as textual content (digital assets), images (media assets) and multimedia (media assets).”

Over the last few years, with the rise of cloud computing, the amount of digital assets utilized by companies grew exponentially and it needs management to be able to store, organize, find and share them efficiently. This management process is called DAM – digital asset management and these files can vary from a graphic for a presentation, a video for an advertisement to personal information of an account holder. So, with the ever-growing need for DAM, it needs to be faster, more secure and accessible.

In a survey McAfee did, they found out that consumers globally value their digital assets around $37,000. Moreover, they found out that consumers on average value their personal memories more than $7,000. With all this value stored in an intangible platform, Blockchain would be the best technology to implement to have the highest standard of security. It will ensure that the digital assets are not going to be erased, used or changed by an external source and it would also make it easily accessible. The ledger technology records every transaction with a timestamp so the records will be prone to manipulation. To learn more about what Blockchain is and why is it so much more than just cryptocurrencies please read this article.

Furthermore, because DAM evolved so much in such a tremendous pace, it can often be a complex and broken process for large companies. For example, when a company is shooting a video for a YouTube advertisement or doing a photoshoot for a magazine, there are generally multiple parties involved. This is where things get complicated and where Blockchain will be useful again. Blockchain will help the content creators receive shared ownership rights through smart contracts and also make sure pay is getting allocated properly. Also, through smart contracts selling ownership of digital assets would be done in a matter of seconds. If you want to learn more about how Blockchain will revolutionize emerging technologies, please read this article or visit quantaloop.io to learn more about Blockchain and Quantaloop.