- Microsoft and Ernst & Young have announced their blockchain-based expansion recently.
- The blockchain extension will streamline gaming rights and royalties management.
- As a result, it will minimize transaction processing times to about 99% daily.
Microsoft, in partnership with Ernst & Young (EY),has expanded its blockchain technology to streamline gaming rights and royalties management. The expansion will minimize transaction processing times of up to about 99% each day, according to a press release.
According to Microsoft, the expansion will enable Xbox gaming partners to access and increase the fairness of royalty contracts. As part of the innovation, it aims to offer a must-have financial system of record through contract creation to payments.
Microsoft’s blockchain technology supports high usage volume performance within the gaming industry.
As brought by the expansion, other personalities like musicians, the network of artists, content creators will gain increased visibility. To provide curated B2B services, EY expects enterprise clients having multi-party cash flow systems to utilize similar blockchain platforms.
Microsoft’s General Manager of Global Finance Operations Luke Fewel said,
We look forward to continuing to scale this solution across our royalties ecosystem — improving our processes and the continuation of our modern finance journey.
Additionally, Microsoft thinks to be at the forefront of the blockchain space with capabilities to improve the end-to-end experience in royalty services.
Microsoft’s Partner Engineering Manager Brad Wright added,
Powered by the Microsoft Azure Blockchain Service, this solution helps demonstrate our ability to build, govern and expand blockchain networks at scale while modernizing our royalties processes. We’re thrilled to work with EY and our gaming partners to streamline this business and to see what we can do next.