Microsoft (MSFT) announced last Wednesday that it has launched a new blockchain solution with Ernst & Young designed to solve issues related to the costly and time-consuming processes in entertainment rights and royalties.
According to the announcement, the new blockchain platform will feature an embedded smart contract architecture built on JPMorgan’s Quorum blockchain protocol and Microsoft’s Azure cloud infrastructure. This system is designed to enable accurate and real-time calculation of each user’s royalty position while implementing confidentiality of agreements across entities.
The platform will first be implemented across Microsoft’s gaming partners, which plan to first use the network to improve the visibility of transactions by generating accounting accruals on a daily basis. This ultimately works to improve data management and forecasting.
In the announcement, Loic Amans, Senior Vice President, Finance & Strategic Planning at Ubisoft shares his excitement on being an early-adopter of the new platform.
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.
Ernst & Young and Microsoft are currently working to deploy the platform to more of Microsoft’s main business partners and is even considering opening it up to become a general exchange infrastructure across all software and digital media.