How Blockchain Adds to DAM
By Media Entertainment Tech Outlook | Tuesday, January 21, 2020
With the introduction of blockchain, asset managers can expect a high level of transparency and accountability concerning the digital assets.
FREMONT, CA: Blockchain has been largely considered a disruptive technology across the industry verticals. This technology offers massive potential in terms of transparency, efficiency as well as security. Recent researches have demonstrated that blockchain can also be applied to digital asset management (DAM). As blockchain comprises a digital ledger, containing timestamps of each transaction, transparency of the transactions can be assured. Further, blockchain’s decentralized nature provides robust security against manipulation by creating an audit trail. The above features of blockchain make it a key technology when it comes to DAM.
Blockchain allows the flow of digital information while protecting the data against possible hacks. Thus, technology is being eyed as the means to share sensitive digital data. Blockchain-powered smart-contracts are offsetting the number of intermediaries involved in the case of contractual transactions concerning digital properties. Moreover, content creators can claim and share the ownership of an asset along with the assurance that payments will be allocated appropriately. Blockchain also facilitates the transfer of intellectual property rights when assets are transferred or sold.
For DAM applications, blockchain offers an ideal platform for the information that is to be shared among multiple parties. In case new information is to be added, there is an addition of a new block, implying that the previous information will not be lost. Thus, asset managers can make rollbacks through the nodes to access the desired content. Since blockchain offers a complete audit history, managers can use asset identifiers to determine who made changes to a digital asset’s metadata and when. Moreover, blockchain can also be used to record a variety of digital transactions, making it easier for asset managers to store essential digital assets.
Many of the top media and entertainment firms have realized the potential of blockchain and are making arrangements to incorporate the technology to streamline their DAM systems.