Microsoft And EY Roll Out EnterpriseBlockchain That Could Be A Game Changer In The Entertainment And Media Industry

Microsoft and EY announced the launch of a blockchain solution that is aimed at handling royalties management and content rights in a bid to bring more order into the media and entertainment industries.

Microsoft and EY have been working together towards developing theblockchain solution so that they can improve any industry that deals with intellectual property licensing and royalty agreements that pay creators. However, the newly launched solution will initially be deployed in the gaming industry with particular focus on Microsoft’s game publishers.

The blockchain solution will later be made available to authors, music publishers, developers and production houses and many other areas that generate millions in royalties. Microsoft and EY created the solution so that it can facilitate more transparency and trust between parties in the industry. It is also aimed at increasing the operational efficiencies within the rights and royalties management process while also eliminating partners review and costly manual reconciliation processes.

Microsoft and EY’s new blockchain network will reportedly handle millions of transactions on a daily basis and this means it will be one of the largest enterprise blockchains in the market. It will also offer almost real-time visibility of transactions involving the participants in the network and this will allow the content or product creators to react to market needs at a faster rate and also with a higher degree of efficiency.

The blockchain system has a built-in smart contract architecture that is aimed at facilitating real-time and accurate calculation of the royalty position of each participant. This results in more visibility that allows for better reconciliation and recording of royalty transactions. The two companies developed the blockchain network using the Azure cloud infrastructure from Microsoft and the Quorum blockchain protocol.

The system can integrate the confidentiality of agreements from one entity or organization to another.Ubisoft Studios, one of the most iconic game developers and a Microsoft partner is currently test-driving the new blockchain solution.

"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,” stated LoicAmans, Ubisoft’s Vice President of Finance and Strategic planning.

Microsoft plans to roll out the blockchain-based rights and royalties network in a phased manner to any gaming partners that are interested in being a part of it. The solution highlights the entry of major corporations into the blockchain industry.