Amical is building a custom blockchain distributed ledger that will keep an immutable record of all asset registrations and transfers. Digit assets can either be held on the blockchain itself or the blockchain record can be a proxy to another location (such as encrypted cloud storage). Smart contracts constructed on the chain will enforce rules around the transfer of assets such as limiting the number of copies of the asset that are available, setting an expiration on the asset’s distribution, or distribution payment rules.
The security of assets in existing systems is an open question with well publicized hacks occurring month after month. Whether it is the theft of new episodes of Game of Thrones, Sony’s loss of thousands of asset documents that included personal information, or the Equifax hack that resulted in the compromise of 148 million credit reports, “digital asset security” is currently something of an oxymoron.
The Amical ecosystem will allow asset creators, holders, and buyers to all have confidence that the asset is authentic and the provenance (the history of ownership) of the asset is clear and unambiguous. Amical creates a new, centralized marketplace for digital assets.