Last week, technology giant Microsoft is looking to re-enter the blockchain space with a new service aimed at resolving payment disputes.
The company is tying up with auditing giant Ernst and Young (EY). which is known as one of the Big Four.
The blockchain solution will be for content rights and royalties management that will streamline the the costly and time-consuming processes in entertainment rights and royalties. The service is being 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.
The blockchain will also help provide near real-time sales transactions to the participants in the blockchain network and will also help participants react to the ‘market’s needs faster and more effectively because they will get timely, improved insights into the content that is being purchased,” according to EY’s press release.
At the moment, Ubisoft one of the world’s leading game publishers and a Microsoft gaming partner is piloting the project.
Partnering with @EYnews to simplify rights and royalties using blockchain, starting with our @Xbox gaming partners. Another example of how blockchain can solve real world business problems, right now. https://t.co/mDOJpKIgt6
— Peggy Johnson (@PeggyJ) June 22, 2018
Loic Amans, Senior Vice President, Finance & Strategic Planning at Ubisoft said, “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.”
Seconding the company’s sentiments, Paul Brody, EY Global Innovation Leader, Blockchain said, “The scale, complexity and volume of digital rights and royalties transactions makes this a perfect application for blockchains. A blockchain can handle the unique nature of each contract between digital rights owners and licensors can be handled in a scalable, efficient manner with an audit trail for the participants. By deploying this on Microsoft Azure, we believe this will be highly scalable across thousands of royalties and content partners.”
This isn’t the first time Microsoft has attempted to integrate blockchain. In the past, the company planned to integrate decentralized ledger to help people regain control of their identities.
On the occasion, Ankur Patel from Microsoft’s Identity Division had said, “Today we are sharing our best thinking based on what we’ve learned from our decentralized identity incubation, an effort which is aimed at enabling richer experiences, enhancing trust, and reducing friction, while empowering every person to own and control their Digital Identity.”
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