EY and Microsoft to Use Blockchain
Ernst & Young and Microsoft have announced a Blockchain-based solution for content rights and royalties management. The system is aimed at streamlining the expensive and time-consuming processes in entertainment rights and royalties. This solution is first being deployed in the gaming sector via Microsoft and its game publisher partners, according to EY’s statement.
The Blockchain-based service is being powered by Microsoft’s Azure Cloud platform. The process of royalty calculations along the value chain is currently manual in nature and is being generally managed via offline data sources.
“This solution helps demonstrate our ability to enhance trust with our gaming partners, and strengthen security, transparency and payment accuracy through the power of Blockchain,” said Brad Wright, partner, software engineering manager, Microsoft.
Along with it, the solution wishes to provide accurate real-time visibility of sales transactions to the participants in the Blockchain network. Microsoft’s gaming partners who are participating on the network will get enhanced visibility to the transactions as opposed to the legacy process, which could take up to 45 days or more. The participating partners will be able to generate accounting accruals on a daily basis and use the timely data to improve their forecasting.
“The scale, complexity, and volume of digital rights and royalties transactions make this a perfect application for Blockchain,” said Paul Brody, EY global innovation leader, Blockchain.TAGS