Microsoft technology giant has partnered with EY consultancy for a blockchain royalty management platform.
The Microsoft technology giant has announced a partnership with the consultancy Ernest & Young to use blockchain technology to pay royalties on content and games from Xbox, one of the largest games platforms in the world.
According to the portal Canal Tech, the company will create a decentralized system to act in the management of royalty contracts linked to the content of the game ecosystem, improving the payment of copyrights.
In a note, the companies classify the initiative as „one of the largest implementations of a blockchain-based financial tracking system,“ also integrating the artificial intelligence technology and Microsoft Azure resources for contract digitalization.
Paul Brody, EY’s blockchain leader, says in the announcement:
„Blockchains could become the glue that digitalizes integrations between companies. This release represents another major step in that direction, extending the level of automation and compression of cycle time to contract digitization for financial additions“.
According to both companies, the system of Bitcoin Pro is capable of processing two million transactions per day. Luke Fewel, financial operations manager at Microsoft, commented on the preliminary tests of the blockchain platform:
„In this go-live, we successfully generated the first round of partner payments using blockchain and intelligent contract technology. This expanded solution will help optimize financial and operational processes with the ability to scale, reduce heavy manual overhead and enhance the experience for Microsoft’s gaming partners.“
The technology giant Microsoft is not new to adopting blockchain in its devices and services, adopting the technology in several of its products. At the end of October, Microsoft announced a partnership to accelerate Brazil’s integration into the digital economy.