Global leader in advisory services EY and Microsoft recently launched a blockchain solution for content rights and royalties management, which can be applied to any industry where intellectual property or assets are licensed, with initial focus on gaming.
According to the official statement, the solution is designed to enable increased trust and transparency between industry players, significantly reduce operational inefficiencies in the rights and royalties management process, and eliminate the need for costly manual reconciliation and partner reviews.
Are you ready for the future of work? The new rights and royalties management solution developed with the @EY_Alliances and @Microsoft team streamlines the costly and time-consuming processes in entertainment rights and royalties. https://t.co/TTGyPP67uX #TransformativeAge pic.twitter.com/Nu4SoxLvNP
— EY US (@EY_US) June 25, 2018
The solution is first being deployed within gaming with Microsoft and its game publisher partners. In future the network is expected to encompass thousands of Microsoft royalty partners and process millions of transactions per day, “making it one of the world’s largest enterprise blockchain ecosystems”.
“Microsoft’s gaming partners participating on the network will get improved visibility to the transactions versus 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 statement reads.
The network is built using the Quorum blockchain protocol and Microsoft’s Azure cloud infrastructure and blockchain technologies. The solution is tested by Ubisoft, one of the world’s leading game publishers and a Microsoft gaming partner.
“Deploying this blockchain solution will allow us to efficiently manage high volumes and automate processes, while at the same time improve partner satisfaction and enhance compliance. Smart contract technology is far more flexible and scalable than any prior solution for managing business agreements. We look forward to deploying this solution across our gaming ecosystem and exploring additional blockchain applications for other finance processes at Microsoft,” said Grace Lao, General Manager of Finance Operations, Microsoft.
Deep Ghumman, EY Global and EY Americas Blockchain Finance Lead, Advisory Services, noted:
“Enterprises are looking to use blockchain technology to solve their business challenges. They are especially looking for scalable blockchain products that can easily plug into their existing processes and systems. The rights and royalties blockchain solution on Microsoft Azure is a great example of how blockchain will transform the way we do business and how EY and Microsoft are collaborating to empower digital transformation with blockchain.”