In today’s interconnected world, companies, agencies, universities, and educational organizations can operate more easily, but are exposed to risks because of their interdependence. To create new values and reduce risk, organizations need to adapt to the new interactions introduced by emerging technologies like blockchain.
Incorporating blockchain technology into corporate and educational networks allows for the smooth interoperation across disparate systems. Blockchain is all the rage these days, but what exactly does that imply? This article describes how blockchain works and how it may be applied to asset management.
What is Blockchain?
Unlike traditional ledgers, blockchain records data permanently and tamper-proof. Blockchain’s function databases, managed by servers that are part of peer-to-peer networks.
In the beginning, blockchains were associated with digital currencies, but nowadays, they’re used by a wide variety of industries to create and manage distributed databases and maintain records for digital transactions.
How is Blockchain Applied to Our ioMoVo Asset Management?
When it comes to digital asset management, data security and reliability are critical. This is becoming more difficult to execute as data channels diversify, with businesses processing many digital contents from a variety of digital sources in addition to traditional media. A blockchain can help you achieve transparency and robustness of your transactional data in a number of ways:
Enables Open Collaboration
Blockchain-based DAM enables you to build a system that combines third-party technology and procedures with internal systems to provide a single source of truth for asset management operations. This facilitates the addition of additional partners by allowing transactions to be controlled by the blockchain.
Today, companies that use DAM software are familiar with redundancy concepts and delivery networks such as Content Delivery Networks (CDNs). The same worldwide redundancy and access may be provided by blockchains. File storage blockchains are forming a network that uses decentralization to overcome CDNs’ exclusive control. This spreads out the risk of downtime not only among network nodes but also across the organizations that administer them.
Improved Operational Efficiency
While replicating a database on multiple servers, doesn’t sound like a practical way to improve efficiency. However, a blockchain structure enables nodes to communicate almost instantly, increasing speed and improving efficiency.
When one node updates its own data, the blockchain-based ioMoVo DAM automatically verifies, edits, and updates the records on the other nodes to match. Blockchain’s distributed nature allows for significantly faster B2B transactions, making it ideal for the asset management business.
The fact that blockchain improves data security is one of its most significant advantages. By giving an immutable record of all transactions, it disrupts established security measures. Each block is encrypted before it is joined to the others. The impact of a data breach is reduced by distributing the records among several nodes.
Furthermore, when used in combination with traditional disaster recovery systems, blockchain may efficiently protect data from loss. An attacker would have to modify all data blocks at once, which is extremely difficult to do.
Blockchain-based ioMoVo DAM has a comprehensive dashboard that provides you insights into any system that you can see all in one place. Our easy-to-use platform also provides feature-rich and robust data management.
Not only this, but countless assets have come from various marketing channels, events, and faculties during the course of a post-secondary’s lifetime, all of which you can add to a large media collection. A DAM system may be used to manage a current or expanding library, but it can also be used to preserve and archive materials.
Blockchain-based DAM allows universities to easily save and keep photographs and films from each year and event, guaranteeing that they are secure and preserved for future generations.
These are just a few of the various ways that blockchain-based DAM is being used in schools and institutions. Check out how digital asset management for higher education helps colleges and universities manage their assets more successfully if you want to learn more about digital asset management best practices and assess whether your college is ready for a DAM.