What’s Going On?
EY and Microsoft have launched an enterprise blockchain to handle content rights and royalties management in the entertainment industries.
Why Does It Matter?
The two companies say the network will initially to be used for rights and royalties processed by Microsoft’s game publishers, but will eventually have a wider purpose, reported Quartz.
EY and Microsoft say they designed the solution to serve industries where intellectual property or assets are licensed and where creators are paid royalties based on contractual agreements. The new system is designed to enable increased trust and transparency between industry players and provide near real-time visibility of sales transactions, said the companies.
What Do They Say?
“The scale, complexity and volume of digital rights and royalties transactions makes this a perfect application for blockchains,” said Paul Brody, EY Global Innovation Leader, Blockchain. “By deploying this on Microsoft Azure, we believe this will be highly scalable across thousands of royalties and content partners.”
Grace Lao, General Manager of Finance Operations at Microsoft, added: “Smart contract technology is far more flexible and scalable than any prior solution for managing business agreements. We look forward to deploying this solution across our gaming ecosystem and exploring additional blockchain applications for other finance processes at Microsoft.”
Ubisoft is one of the leading game publishing companies testing the solution. Loic Amans, Senior Vice President, Finance & Strategic Planning at Ubisoft said: “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.”