The digital revolution has irrevocably transformed the way we live, work, and interact.¹ In this increasingly interconnected world, the concept of digital assets has emerged as a critical component of individual and organizational successFrom e-commerce and online-to-offline (O2O) services to navigation systems and ride-hailing apps, data-driven business models are reshaping the commercial landscape, particularly in dynamic markets like China.² These models not only provide citizens with more efficient and diverse service experiences but also leverage data analytics to accelerate business growth

This shift underscores the vital importance of building and managing robust digital assets for both individuals and enterprises.

Digital assets represent value and influence in the online sphere, serving as crucial links to users, driving value creation, and fueling business expansion.³ For individuals, these assets can take various forms, including social media profiles, personal websites, blogs, video channels, and online educational coursesThese platforms offer avenues for showcasing expertise, skills, interests, and achievements, thereby strengthening personal brand influence.⁴ Active content sharing, audience engagement, and participation in online communities can expand social networks, enhance career prospects, and foster valuable connections.⁵ Consider, for example, the rise of "wanghong" or internet celebrities in China

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Many of these individuals have built substantial digital assets through platforms like Weibo and Douyin, leveraging their online presence to launch businesses, endorse products, and cultivate dedicated fan basesTheir success demonstrates the tangible value of cultivating a strong digital footprint.

For businesses, digital assets encompass a broader range of elements, including company websites, e-commerce platforms, mobile applications, social media accounts, and customer relationship management (CRM) systems.⁶ These tools are instrumental in enhancing brand image and visibility, providing valuable insights into customer needs, improving products and services, and ultimately driving sales growth.⁷ By utilizing data analytics, user profiling, and technological insights, businesses can develop more targeted marketing strategies, improve marketing effectiveness, and boost customer satisfaction.⁸ Take the example of Alibaba's Taobao and Tmall platforms

These marketplaces have become integral parts of the Chinese consumer experience, offering a vast array of products and services.⁹ Alibaba’s success is built upon a sophisticated digital asset ecosystem that includes not only its e-commerce platforms but also its payment system (Alipay), logistics network (Cainiao), and cloud computing services (Alibaba Cloud).¹⁰ This interconnected system allows Alibaba to collect and analyze vast amounts of data, enabling it to personalize user experiences, optimize logistics, and offer a wide range of value-added services.

The increasing integration of digital technologies into daily life in China has led to the gradual development of a social credit system largely manifested in digital form

As more people participate in large digital platforms like those operated by Tencent, Alibaba (Taobao and Tmall), and Pinduoduo, online behavior-based account systems have become commonplaceThese platforms, particularly giants like Tencent and Alibaba, have the capacity to build relatively accurate user profiles, capturing a wealth of user information.¹¹ By leveraging data collected by their own systems, combined with publicly available data, these platforms can generate fairly accurate assessments of individual creditworthinessThis is not unlike the credit scoring systems used in other countries, but with a unique emphasis on online behavior and a greater reliance on data generated within platform ecosystemsFor instance, a user’s purchase history on Taobao, their social interactions on WeChat, and their payment history on Alipay can all contribute to their digital credit score.

As more data is opened and shared, this digital profile-based credit system is expected to become even more comprehensive

This new digital credit mechanism has the potential to become a new driver of economic development, with an increasingly significant impact on members of societyIn traditional economies, imperfect credit systems have often been a constraint on growthThe digital society offers a new evaluation framework, a system that can be seamlessly integrated into the entire digital ecosystemThis integration offers the potential for greater efficiency and accessibility in financial services, potentially unlocking new opportunities for individuals and businesses.

In this digital society, data has become a crucial resource for both businesses and individuals.¹² Just as businesses rely on data like they rely on utilities such as water, electricity, and gas, individuals must also recognize the importance of their own data assets

This goes beyond traditional notions of property ownership; it means that the data records generated by each person in their digital life constitute an important part of their personal assetsThis data system reflects an individual’s social characteristics and creditworthiness, relying on data accumulated by official institutions, social organizations, and various platformsAs China’s digitalization continues to deepen, people’s daily lives, work, and social interactions will become even more dependent on digital meansThose with rich digital accounts and online data assets will have more opportunities to showcase themselves and develop their potential.

It is therefore crucial to prioritize and accelerate the building of personal digital assetsDigital assets are characterized by their online presence, quantifiability, multi-dimensionality, and recordability

To build these assets, one should start by creating more digital accountsCurrently, both emerging and traditional industries, such as banking, are undergoing a shift towards online business models.¹³ Therefore, everyone should adapt to this changing trend as soon as possible, gradually realizing the online and digital nature of their lives and social activities, establishing a richer system of online accountsThis might involve creating profiles on professional networking sites like LinkedIn, actively participating in online forums related to their field, or building a personal website to showcase their work.

In conclusion, in the face of the digital wave, both individuals and businesses should recognize the importance of digital assets and take action to build and optimize these assets to meet future challenges and opportunities