Blockchain is spreading its wings around the globe and is gradually replacing the present day technologies for a transparent and seamless workflow. Big fishes are investing in the new technology and exploring the Blockchain's use cases in various important sectors such as Banking, Finance, Health, Logistics, etc. The most recent to tap on the growing technology is EY and Microsoft.
EY, a global leader in assurance, tax, transaction and advisory services has joined hands with the technology giant Microsoft to launch a blockchain solution for content rights and royalties management. The aim of the new Blockchain solution is to streamline the costly and time-consuming processes in entertainment rights and royalties. The solution is first being deployed within gaming with Microsoft and its game publisher partners.
Once fully deployed, the EY and Microsoft blockchain network will encompass thousands of business partners and process millions of transactions per day. As per information, the very solution can become one of the world's largest enterprise blockchain ecosystems. Microsoft and its game publisher partners will be the first ones to deploy the solution within gaming. Ubisoft, one of the world's leading game publishers and a Microsoft gaming partner, will be one of the early adopters of this solution.
How will EY-Microsoft Blockchain solution work?
The underlying network of EY Microsoft's Blockchain solution is built using the Quorum blockchain protocol, Microsoft's Azure cloud infrastructure and blockchain technologies. The solution is designed to ensure complete confidentiality of partnership agreements across entities. The duo has worked to create rights and royalties management solution, which will enable increased trust and transparency between industry players to significantly reduce operational inefficiencies in the rights and royalties management process, and will eliminate the need for costly manual reconciliation and partner reviews.
In addition, the solution aims to provide near real-time visibility of sales transactions to all participants in the blockchain network and enables them to react to market needs faster and more effectively. The solution is designed to serve any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements. Within this value chain - which can include authors, song writers, production houses, developers and more - the intellectual property generates millions of transactions aggregating to billions of dollars per month in royalties to be paid.
EY and Microsoft are currently deploying the solution with Microsoft's key business partners and will explore opening the solution to other partner organizations as a general exchange infrastructure for royalties-related transactions on everything from software to digital media.