Digital asset

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A digital asset is anything that exists only in digital form and comes with a distinct usage right or distinct permission for use. Data that do not possess those rights are not considered assets.

Contents

Digital assets include, but are not limited to: digital documents, audio content, motion pictures, and other relevant digital data currently in circulation or stored on digital appliances, such as personal computers, laptops, portable media players, tablets, data storage devices, and telecommunication devices. This encompasses any apparatus that currently exists or will exist as technology progresses to accommodate the conception of new modalities capable of carrying digital assets. This holds true regardless of the ownership of the physical device on which the digital asset is located. [1]

Types

Types of digital assets include, but are not limited to: software, photography, logos, illustrations, animations, audiovisual media, presentations, spreadsheets, digital paintings, word documents, electronic mails, websites, and various other digital formats with their respective metadata. The number of different types of digital assets is exponentially increasing due to the rising number of devices that leverage these assets, such as smartphones, serving as conduits for digital media. New digital assets, including certain types of cryptocurrency and non-fungible tokens, are created every day. [2]

In Intel's presentation at the 'Intel Developer Forum 2013,' they introduced several new types of digital assets related to medicine, education, voting, friendships, conversations, and reputation, among others. [3]

Digital asset management system

A digital asset management (DAM) is an integrated structure that combines software, hardware, and/or other services to manage, store, ingest, organize, and retrieve digital assets. These systems enable users to find and use content when needed. [4]

Digital asset metadata

Metadata is data about other data. Any structured information that defines a specification of any form of data is referred to as metadata. [5] Metadata is also a claimed relationship between two entities, often used to establish connections or associations. [6]

Librarian Lorcan Dempsey says "Think of metadata as data which removes from a user (human or machine) the need to have full advance knowledge of the existence or characteristics of things of potential interest in the environment". [7]

At first, the term metadata was used for digital data exclusively, but nowadays metadata can apply to both physical and digital data.

Catalogs, inventories, registers, and other similar standardized forms of organizing, managing, and retrieving resources contain metadata.

Metadata can be stored and contained directly within the file it refers to or independently from it with the help of other forms of data management such as a DAM system.

The more metadata is assigned to an asset the easier it gets to categorize it, especially as the amount of information grows. The asset's value rises the more metadata it has for it becomes more accessible, easier to manage, and more complex. [8]

Structured metadata can be shared with open protocols like OAI-PMH to allow further aggregation and processing. Open data sources like institutional repositories have thus been aggregated to form large datasets and academic search engines comprising tens of millions of open access works, like BASE, CORE , and Unpaywall. [9]

Issues

Due to a lack of either legislation or legal precedent, there is limited existing governmental control and regulation surrounding digital assets in the United States and other large economies globally.

Many of the control issues relating to access and transferability are maintained by individual companies. Some consequences of this include 'What is to become of the assets once their owner is deceased?' as well as can, and, if so, how, may they be inherited. [10]

This subject was broached in a bogus story about Bruce Willis allegedly looking to sue Apple as the end user agreement prevented him from bequeathing his iTunes collection to his children. [11] [12]

Another case of this was when a soldier died on duty and the family requested access to the Yahoo! account. When Yahoo! refused to grant access, the probate judge ordered them to give the emails to the family but Yahoo! still was not required to give access. [13]

The Music Modernization Bill was passed in September 2018 by the US Congress to create a new music licensing system, with the aim to help songwriters get paid more. [14]

See also

Related Research Articles

In economics and law, fungibility is the property of a good or a commodity whose individual units are essentially interchangeable. In legal terms, this affects how legal rights apply to such items. Fungible things can be substituted for each other; for example, a $100 bill (note) is considered entirely equivalent to twenty $5 bills (notes), and therefore a person who borrows $100 in the form of a $100 bill can repay the money with twenty $5 bills. There is no requirement to return the same $100 bill. Non-fungible items are not substitutable in the same manner.

Digital asset management (DAM) and the implementation of its use as a computer application is required in the collection of digital assets to ensure that the owner, and possibly their delegates, can perform operations on the data files.

A federated identity in information technology is the means of linking a person's electronic identity and attributes, stored across multiple distinct identity management systems.

An institutional repository (IR) is an archive for collecting, preserving, and disseminating digital copies of the intellectual output of an institution, particularly a research institution. Academics also utilize their IRs for archiving published works to increase their visibility and collaboration with other academics However, most of these outputs produced by universities are not effectively accessed and shared by researchers and other stakeholders As a result academics should be involved in the implementation and development of an IR project so that they can learn the benefits and purpose of building an IR.

Cumulus is a digital asset management software designed for client/server system which is developed by Canto Software. The product makes use of metadata for indexing, organizing, and searching.

Digital curation is the selection, preservation, maintenance, collection, and archiving of digital assets. Digital curation establishes, maintains, and adds value to repositories of digital data for present and future use. This is often accomplished by archivists, librarians, scientists, historians, and scholars. Enterprises are starting to use digital curation to improve the quality of information and data within their operational and strategic processes. Successful digital curation will mitigate digital obsolescence, keeping the information accessible to users indefinitely. Digital curation includes digital asset management, data curation, digital preservation, and electronic records management.

<span class="mw-page-title-main">Metadata</span> Data about data

Metadata is "data that provides information about other data", but not the content of the data itself, such as the text of a message or the image itself. There are many distinct types of metadata, including:

<span class="mw-page-title-main">Cryptocurrency</span> Digital currency not reliant on a central authority

A cryptocurrency, crypto-currency, or crypto is a digital currency designed to work as a medium of exchange through a computer network that is not reliant on any central authority, such as a government or bank, to uphold or maintain it.

OurResearch, formerly known as ImpactStory, is a nonprofit organization that creates and distributes tools and services for libraries, institutions and researchers. The organization follows open practices with their data, code, and governance. OurResearch is funded by the Alfred P. Sloan Foundation, the National Science Foundation, and Arcadia Fund.

<span class="mw-page-title-main">Ethereum</span> Open-source blockchain computing platform

Ethereum is a decentralized blockchain with smart contract functionality. Ether is the native cryptocurrency of the platform. Among cryptocurrencies, ether is second only to bitcoin in market capitalization. It is open-source software.

Hyperledger is an umbrella project of open source blockchains and related tools that the Linux Foundation started in December 2015. IBM, Intel, and SAP Ariba have contributed to support the collaborative development of blockchain-based distributed ledgers. It was renamed the Hyperledger Foundation in October 2021.

A distributed ledger is the consensus of replicated, shared, and synchronized digital data that is geographically spread (distributed) across many sites, countries, or institutions. In contrast to a centralized database, a distributed ledger does not require a central administrator, and consequently does not have a single (central) point-of-failure.

A cryptocurrency wallet is a device, physical medium, program or an online service which stores the public and/or private keys for cryptocurrency transactions. In addition to this basic function of storing the keys, a cryptocurrency wallet more often offers the functionality of encrypting and/or signing information. Signing can for example result in executing a smart contract, a cryptocurrency transaction, identification, or legally signing a 'document'.

Cryptocurrency and crime describe notable examples of cybercrime related to theft of cryptocurrencies and some methods or security vulnerabilities commonly exploited. Cryptojacking is a form of cybercrime specific to cryptocurrencies that have been used on websites to hijack a victim's resources and use them for hashing and mining cryptocurrency.

OKX is a global cryptocurrency spot and derivatives exchange and the second biggest crypto exchange by trading volume, serving over 50 million people globally. It was founded by Star Xu in 2017, who is also the CEO as of 2023. The President is Hong Fang and the CMO is Haider Rafique. OKX is owned by OK Group, which also owns the crypto exchange Okcoin.

<span class="mw-page-title-main">Non-fungible token</span> Unique and non-interchangeable data

A non-fungible token (NFT) is a unique digital identifier that is recorded on a blockchain and is used to certify ownership and authenticity. It cannot be copied, substituted, or subdivided. The ownership of an NFT is recorded in the blockchain and can be transferred by the owner, allowing NFTs to be sold and traded. Initially pitched as a new class of investment asset, by September 2023, one report claimed that over 95% of NFT collections had zero monetary value.

Paxos Trust Company is a New York–based financial institution and technology company specializing in blockchain. The company's product offerings include a cryptocurrency brokerage service, asset tokenization services, and settlement services. ItBit, a bitcoin exchange run by Paxos, was the first bitcoin exchange to be licensed by the New York State Department of Financial Services, granting the company the ability to be the custodian and exchange for customers in the United States.

<i>CryptoPunks</i> Pioneering non-fungible token on Ethereum

CryptoPunks is a non-fungible token (NFT) collection on the Ethereum blockchain. The project was launched in June 2017 by the Larva Labs studio, a two-person team consisting of Canadian software developers Matt Hall and John Watkinson. The experimental project was inspired by the London punk scenes, the cyberpunk movement, and electronic music artists Daft Punk. The crypto art blockchain project was an inspiration for the ERC-721 standard for NFTs and the modern crypto art movement, which has since become a part of the cryptocurrency and decentralized finance ecosystems on multiple blockchains.

<i>Axie Infinity</i> 2018 non-fungible token online game

Axie Infinity is a blockchain game developed by Vietnamese studio Sky Mavis, known for its in-game economy which uses Ethereum-based cryptocurrencies.

Colored Coins is an open-source protocol that allows users to represent and manipulate immutable digital resources on top of Bitcoin transactions. They are a class of methods for representing and maintaining real-world assets on the Bitcoin blockchain, which may be used to establish asset ownership. Colored coins are bitcoins with a mark on them that specifies what they may be used for. Colored coins are also considered the initial step toward NFTs built on top of the Bitcoin network.

References

  1. ↑ The Elder Law Report, Vol. XXV, Number 1
  2. ↑ Dowling, Michael (1 January 2022). "Is non-fungible token pricing driven by cryptocurrencies?". Finance Research Letters. 44: 102097. doi: 10.1016/j.frl.2021.102097 . ISSN   1544-6123.
  3. ↑ "What is a digital asset?". Computerweekly.com. 2014. Archived from the original on 8 January 2015. Retrieved 26 October 2014.
  4. ↑ "Digital Asset Management". www.widen.com. Widen. 26 May 2022. Retrieved 14 July 2022.
  5. ↑ Zhang, A. and Gourley, D. (2009). Creating digital collections. Oxford: Chandos Pub.
  6. ↑ Rust, G. and Bide, M. (2003) The <indecs> metadata framework - principles, model and data dictionary.
  7. ↑ Dempsey, Lorcan (20 August 2006). "Registries: the intelligence in the network". Lorcan Dempsey's Weblog. Archived from the original on 31 October 2014. Retrieved 23 August 2022.
  8. ↑ "Metadata for Digital Asset Management - docs.day.com". Adobe. 2014. Archived from the original on 31 October 2014. Retrieved 26 October 2014.
  9. ↑ Dhakal, Kerry (15 April 2019). "Unpaywall". Journal of the Medical Library Association. 107 (2): 286–288. doi:10.5195/jmla.2019.650. PMC   6466485 .
  10. ↑ Genders, Rod; Steen, Adam (2017). "Financial and estate planning in the age of digital assets: A challenge for advisers and administrators" (PDF). Financial Planning Research Journal. 3 (1): 6, 75. Archived (PDF) from the original on 9 March 2021. Retrieved 17 February 2021.
  11. ↑ James, W. (2014). "Digital Assets; a legal minefield - Notes for STEP Verein & Basel Conference, in Zürich – 2nd October 2014". stoanalytics.com. Archived from the original on 3 March 2022. Retrieved 31 October 2014.
  12. ↑ Arthur, C. (2012). "No, Bruce Willis isn't suing Apple over iTunes". The Guardian. Archived from the original on 9 March 2021. Retrieved 31 October 2014.
  13. ↑ Cahn, Naomi R (2011). "Postmortem Life On-Line". GW Law Faculty Publications & Other Works. Archived from the original on 12 December 2017. Retrieved 10 April 2022.
  14. ↑ Steele, Anne (25 September 2018). "Congress Passes Bill Updating Music Copyright Protections for the Spotify Era". Wall Street Journal. ISSN   0099-9660. Archived from the original on 26 September 2018. Retrieved 26 September 2018.
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