Microsoft and Ernst & Young (EY) are developing a blockchain solution for managing licenses and content rights.

The new solution, developed by EY and Microsoft, will enable companies to streamline their intellectual property and royalty-related processes. The network will bring together authors, production houses, songwriters, developers and other creators.

In addition to excluding agents and reducing costs, the blockchain-based system will improve transparency and trust between the parties. In addition, the operational inefficiencies and errors are reduced.

The system will use Microsoft’s Azure Cloud technology and Quorum Blockchain protocol developed by JPMorgan.

Microsoft will provide the Blockchain product with its gaming partners such as Ubisoft. When the network is fully functional, Microsoft expects to include thousands of its licensing partners and handle millions of transactions every day.