Digital Asset Management Utilizing A Decentralized Policy And Decision Gateway

Business policies sit at the heart of any operations. Their coverage both reflects the business's objectives and priorities and underpins values. These policies furnish the framework of processes needed and a structure to build governance, risk, and compliance programs. However, setting policies is not enough to guarantee that best practices are adopted, especially managing digital assets.

Like the many gears that control the machinery maneuvering efficiently, an effective policy management program concerns multiple moving parts. Endeavoring to wrangle these parts alone without a software solution isn't really an alternative these days to handle a company's digital assets processes. An intuitive, easy-to-use Policy Management solution should automate its function for you, permitting the consistent usage of best approaches, so you can keep up with the complexities of managing policies and procedures at a time when they're in regular need of adjustment. But to develop further, a decentralized identity and digital assets approach are ways to strengthen such a policy management to make your business robust and productive.

Provided with the increasing complexity of security threats and the rate at which new ones emerge, balancing the competing importance of securing the business while giving convenient access and controlling expense and effort is challenging. The realization that the traditional network perimeter has faded in recent years is at the center of this difficulty. And knowing the importance of decentralization towards digital assets and identity is the key to understanding its significance to creating the most efficient policy management.

The Emergence Of Blockchain And Decentralization

The growth of blockchain technology has opened many initiatives looking to solve second-order and even third-order problems in a world of digital currency. This Decentralized Asset Management is one of these initiatives of particular interest to many businesses. While innovative in their design, these protocols have yet to address the core of regulation and accreditation in the asset management space and how to incorporate and create customized policies based on business requirements.

Blockchain, at its core, is a secure, decentralized, and distributed ledger system that documents transactions across many computers. The validity of its transaction is determined by the consensus of the various computers or nodes in the network, instead of having a prominent trusted or official record. These transactions convey value being disseminated from one entity to another. Several thought leaders have coined the term “Internet of Value” because of this.

Digital assets possess value and are utilized as a medium of exchange. Cryptography is used to facilitate and guarantee these transactions. When people discuss blockchain, it often gets associated with FinTech. But, FinTech, for instance, is not the only industry that blockchain will influence, but for every business that wants to manage their own digital assets securely and effectively.

A Decentralized Digital Asset Management Approach

With the growing relevance of digital assets evidently established, business demand for a global infrastructure to deliver stability and safety is apparent. Investors anticipate the same organizational level of benefit as in the traditional space. Additionally, institutional stakeholders of all lines need stable, dedicated servicing of the entire asset lifecycle from allocation to custody, trading, and compensation to central fund servicing, accounting, and payments. Such conditions fall into these categories:

• Trust and financial stability: Given the potential of the digital space, businesses are expecting the same level of risk management, concentrated on regulatory compliance, and stringent safety and security standards that are known for traditional assets.

• Readiness: Organizations are looking for scalability, transparency, and full-spectrum authorization levels to help them steer the perils of the digital assets ecosystem. Multi-jurisdictional regulatory reporting, stability, and experience handling complex business scale systems will set some providers apart from others.

• Consistency: Businesses require a one-stop-shop to support the expanding use cases of digital assets and deliver value across the entire financial life cycle of digital assets like trading, safekeeping, collateral management, and lending.

The digital asset ecosystem has the possibility to thoroughly transform the current financial services infrastructure and the overall business experience. Decentralization has arrived, using blockchain technology to alter traditional digital asset management while potentially reducing the requirement for complicated financial intermediaries.

Developing Strategy To Formulate Your Policies

Developing a productive strategy takes time and effort but is worth the expense. When creating your system, be sure to include the following actions.

1. Define Your Goals

Before you can build a strategy, you must define your objectives for adopting digital assets with decentralized governance processes and tools. Consider what issues you hope to solve, how they suit existing business goals, and what resources you currently have to use with such a strategy.

2. Coordinate Your Stakeholders

Once you know your objectives, you are required to organize your teams and arrive at an agreement on the most effective approach. This comprises:

• Who should be accountable for managing assets

• What are the assets that should be stored

• How and where should assets be stored

You can also begin making a checklist of your assets in this step. It will assist you in estimating the size of the resources you require and help you understand how assets are presently handled and used.

3. Develop Consistency

One of the main goals of having decentralized governance towards your digital assets is to create consistency in your asset management, use, and development. To achieve this, you need to understand your present distribution channels, workflows, and executions. Then, you can start categorizing assets, permissions, and utility criteria for a standardized policy management plan.

Identity And Access Management

Decentralized identity systems are fundamentally different from existing systems. Businesses utilize decentralized identity to facilitate identity operations. This includes lessening user identity fraud, rapidly onboarding new users, diminishing expenses associated with provisioning and allocating digital certificates, delivering end users a privacy-preserving identity verification method, and reducing security threats related to centrally keeping identity information, including regulated data such as personally identifiable information (PII).

Because decision-making and asset efficiency are so intertwined, guidelines should be connecting them. Organizations can assign and provide access to identities to manage digital assets and critical data operations, providing a solution to be more productive and ensure safety and consistency.

Dekka As The All-In-One Solution

The complexities are apparent with the above considerations to formulate the best policy and decision management framework for digital assets. Without in-depth comprehension of blockchain and decentralization incorporated with digital asset and identity management, this might fall to failure. But when managed and implemented correctly, the benefits are at supremacy. That is why Dekka, the first and foremost decentralized policy and decision gateway for digital assets, is intended and designed to end this intricacy.

Dekka is a SaaS (Software as a service) company that strives to be the leading alternative for organizations from SME's all the way to regulated financial institutions who wish to or are already utilizing digital assets. Identity and Asset Management, key management, and blockchain support the policy and decision-making engine, creating an efficient, highly scalable, safe, and secure digital asset transaction environment within organizations, which are Dekka's primary features to help your company's productivity.

Dekka seamlessly allows a unified transaction framework from transaction proposers, approvers, executors, transaction limitations, and comprehensive and transparent transaction history. It is the only decentralized policy and decision gateway that ensures safer and more efficient implementation of digital assets in your company, especially fit for startups, SMEs, and institutions.