Ernst & Young (EY) and IT multinational Microsoft have launched a new blockchain solution aimed at content rights and royalties management.
The blockchain solution has been structured to initially focus on Microsoft’s gaming sector along with its game publisher partners and is hoping to streamline rights and royalties processes. The two companies have created a solution to serve any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements, according to ETCIO.com.
The industry is reported to generate billions of dollars’ worth of royalties that need to be paid in these situations, most of which are managed manually through offline data sources. The new solution using the blockchain will accelerate levels of efficiency in the process and eliminate costs associated with partner reviews and manual reconciliation. The solution will also offer up to the moment visibility of transactions on the blockchain ensuring speedy reviews of purchased content.
The network for the pair’s new blockchain solution is built using the Quorum blockchain protocol and Microsoft’s Azure cloud infrastructure and blockchain technologies, ensuring that Microsoft gaming partners will get improved visibility versus the legal process which would normally take up to 45 days.
“We are always looking at how to leverage emerging technologies in all facets of our business. The opportunity to collaborate with EY and Microsoft on blockchain use cases in the domain of digital contracts and royalties is truly exciting,” said Loic Amans, senior VP, finance and strategic planning at Ubisoft, Microsoft gaming partner in charge of testing the solution.
Microsoft sees the fully functional solution being used by thousands of its royalty partners, processing millions of transactions a day. If this is the case, it will make the IT giant’s new joint development with EY one of the world’s largest enterprise blockchain ecosystems.
EY is a multinational professional services firm headquartered in London, England. It is one of the largest professional services firms in the world and is one of the “Big Four” accounting firms.
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