Amical is building a custom blockchain distributed ledger that will keep an immutable record of all asset registrations and transfers. Digital 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 will be constructed on the chain that 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 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 world is shifting 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 seeks to change that.
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