Digitisation has completely transformed the way the world works. Assets across industries – finance, banking, education, energy, mining, healthcare, and more – are now becoming digital or improved by analytics and digital technologies. This revolution is accompanied by the rise of digital asset management. What role does it play in today’s digitised world? Let’s take a closer look.
Digital Asset Management – Rising Importance
The most vital assets of an organisation are now the data, application, and systems it owns. However, sensitivity levels and importance differ across sectors.
For instance, a financial company may consider its digital transactions as topmost priority. Whereas, patient information is the most valuable element for a hospital. Either way, attacks or damage to these digital assets can lead to huge losses for the business. That’s why it’s important to have a detailed digital asset management strategy in place to protect and further benefit from these assets.
What does Digital Asset Management accomplish?
Digital asset management is utilised to turn data into actionable insights by channelling key asset processes. In turn, this leads to enhanced business outcomes.
Effective digital management solution should:
- Ensure correct storage of data
- Enable efficient creation of data assets
- Make way for easy storage, distribution, and search of assets through multiple channels
- Ensure greater protection and control of data assets
- Streamline delivery timelines and production
- Manage license agreements for digital assets
- Lower the liability risk from expired asset licenses
Digital asset management has evolved significantly. In many cases, digital asset management is turning into a unique way to connect industry expectations and digital assets. This is where the blockchain enters the equation.
Linking Digital Asset Management and the Blockchain
The immense value of digital asset is unquestionable, but what is the most advantageous way to manage these assets?
The answer is in the blockchain.
Considered as one of the most important technologies in existence, it is a decentralised, secure, and distributed ledger system that paves the way for more sophisticated management of digital assets. The digital asset blockchain is able to:
- Permanently record transactions across network systems
- Carry features such as attribution and intellectual property ownership in every transaction
- Protect transfer of ownership
- Check and identify people to preserve the integrity of assets and prevent misuse
Since the blockchain is virtually incorruptible, it can be trusted to record anything of value to an organisation. Together, digital asset management and the blockchain are a powerful tool that organisations should harness.
Digital Asset Management, Blockchain, and the Future
Due to its capabilities, the blockchain should be a fundamental component of all digital asset management strategies. This is especially important for companies that interact with high-security data or big corporations based on their own validation networks.
Companies, therefore, should work with digital asset managers which are heavily invested in the blockchain. Because this exceptional skill set is not easy to acquire, the current pool of providers remain limited. Nevertheless, it’s important to engage with one to develop a secure Digital Asset Management strategy.