Amical PropertiesDigital Assets Secured.
Moving to Digital Assets
The world is moving to a paradigm where many of the important aspects of life are connected to the digital world. For decades, financial instruments have been almost exclusively digital, with many investors never having seen an actual share certificate. Non-financial assets have likewise been shifting to digital-only ownership — whether it is a movie purchased on iTunes, a Kindle eBook bought for beach reading, a game downloaded from Steam, or a licensed copy of Microsoft Office bought online.
These example assets are the ones we already own in a digital-only form. Up until now, this ownership has been primarily limited to small ticket items because the technical infrastructure hasn’t existed to allow organizations and individuals to confidently own more valuable assets in purely digital form. Amical is building a digital asset blockchain to change that.
Amical provides a way to register, track, and trade digital assets.
Amical makes Assets Smart
To make “smart assets” available for access anywhere by the consumer, Amical is developing technology that makes it easy to manage digital assets on all popular platforms including iOS, Android, and the desktop environment. This multi-platform smart asset management system will be pivotal in the creation of the new global digital asset market providing security, reliability, trace-ability, and accessibility.
Amical is creating a digital asset ledger that will allow:
- Client-side encryption – Client encryptions allows asset owners to maintain control of their assets even if the central company were to become unavailable or unreliable.
- Simple digital asset registration – Reliable, time-based registration of digital assets similar to the way a copyright can establish the creation or ownership of intellectual property at a given time. Unlike a copyright, the entire asset can be immutably registered.
- “Smart assets” – Assets are constructed to codify distribution agreements including limiting threshold of distribution to enforce asset scarcity
- Immutable Asset History – Provenance (documented asset history) maintains the connection of authorized copies to the original
Our team of industry veterans have worked for marketplace leaders including Sony, Intuit, PriceGrabber, Hartford Insurance, Arthur Andersen, and Citi Group. In addition to these top tier companies, the Amical team has a track record of founding or playing key roles in a number of successful startups.
Their years of experience in cryptocurrency, business management, eCommerce, and financial accounting give the company the practical hands-on experience to make Amical the dominant company in this space.
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.
The non-game market for digital assets is 2017 is around $2.4 billion and this market is projected to increase to 5.66 billion by 2022. The highest growth sector is expected to be cloud-based asset management.
In-game assets such as game skins, mods, badges, etc. have an estimated market size of over $15 billion and growing. The increasing adoption of VR and AR markets promises acceleration in the digital assets that people will want to create, purchase, and resell.
Non-financial assets have likewise been shifting to digital-only ownership — whether it is a movie purchased on iTunes, a Kindle eBook bought for beach reading, or a song downloaded from Amazon.
Legal documents including contracts, real estate agreements, wills, living trusts, working agreements, etc. are submitted electronically for digital signature. These are all stored digitally across a large spectrum of individual vendors with their own proprietary asset management system.