For each of our binary assets we generate a MD5 hash. This is used to check whether a certain binary asset is already in our application. But is it possible that two differe
As other people have said, yes, there can be collisions between two different inputs. However, in your use case, I don't see that being a problem. I highly doubt that you will run into collisions - I've used MD5 for fingerprinting hundreds of thousands of image files of a number of image (JPG, bitmap, PNG, raw) formats at a previous job and I didn't have a collision.
However, if you are trying to fingerprint some kind of data, perhaps you could use two hash algorithms - the odds of one input resulting in the same output of two different algorithms is near impossible.