According to the official press release, Accenture has designed the application to offer enhanced asset management capabilities for enterprise software. The solution is built on DAML – a proprietary smart contract language created by a DLT-enabled software provider, Digital Asset.
Reportedly, DAML allows modeling and implementation of software license events from their time of origination to purchase, which simplifies usage, tracking, and audit functions.
Commenting on the launch, Digital Asset’s chief business development officer Chris Church noted that the application is a significant milestone for the company, as it shows that DLT and DAML can achieve exceptional effectiveness with uses stretching beyond financial services.
Melanie Cutlan, Senior Principal and Blockchain Operations Lead at Accenture, revealed that while the software asset management and tracking tools have evolved, it can still be challenging for large organizations to manage their licenses.
She added that DLT-based systems could simplify the management of a diverse portfolio of software licenses, which can have a positive impact on audits. Furthermore, she stated that DLT-enabled software has the potential to save millions of dollars every year.
According to the press release, the application was developed by Accenture’s in-house DLT-focused team, and it features a “patent-pending capability.” Furthermore, it uses the DA (Digital Asset) platform and seamlessly integrates with the company’s software asset management (SAM) capabilities. DA uses cryptography and distributed ledgers to facilitate complex multiparty business processes.
Accenture took on the development of their new solution, as companies who lack proper management of their software licenses may be violating the use rights, which can lead to heavy fines. Moreover, it can have a negative impact on the company's reputation and brand image.
According to Accenture, the new DLT-based application will help companies significantly cut down the risk of failing to comply with regulatory requirements. Additionally, the application will reportedly feature new capabilities and functionality in the next release.