This week, tech giants Microsoft have announced a new project working alongside Ernst & Young (EY) in a partnership that will deliver an intelligent new blockchain solution for content and royalties management systems.
As you will know, Microsoft are one of the biggest tech companies in the world, a company which has inspired and led a revolution in computing and gaming technology. Microsoft are behind Windows and Xbox, among other revolutions. In 2017, Microsoft had an estimated revenue of around $89.95 Billion.
Likewise, as you may know, EY are an international professional services company which specialise as one of the ‘big four’ accounting firms. EY provide professional services to huge international clients, as a result of this, following the footsteps of rivals PwC and Deloitte, EY are looking towards blockchain technologies in order to ensure they have access to the most cutting-edge technologies in which in turn will improve the experience of their clients. In 2017, EY had an estimated revenue of around $31.4 Billion.
With this in mind, its not hard to understand why any form of partnership between Microsoft and EY is actually a really big deal.
Within this, the pair have developed a blockchain solution for Microsoft’s gaming publications. Within this, they are using blockchain technology to verify content rights. According to Business Insider:
“Microsoft and EY hope to implement the solution across all industry verticals which require licensing of intellectual property or assets. The two companies hope that the move to blockchain will streamline the process of paying royalties to the rightful copyright holders.”
“The publishers and distributor partners will sign up on the blockchain platform and agree to business terms and conditions through a smart contract. When consumers buy their content online or from retail stores, the transactions will be recorded on the blockchain and royalty amount decided as per the smart contract. The publishers and distributors will have access to all relevant data.”
You can see more from Business Insider for yourself, here-
The pair believe that, although the project is still in an early phase, when it is complete, this network will process millions of transactions per day, making it one of the biggest ever blockchain networks.
If anything, this acts as a great example of how blockchain technologies can be used for verification purposes. Under this guise, the blockchain will help to decreases instances of fraud and piracy, in turn, it will approve owner ship to those who access digital gaming content in an honest and legitimate way. It’s hardly a new concept, but, with the driving forces of both Microsoft and EY behind it, this new network could become a bit of a celebrity in the blockchain world, should it happen to be rolled out successfully. Moreover, we could even expect EY to start to offer such services to more of their clients. As mentioned earlier, EY’s rivals are all over blockchain research at the moment, it was only a matter of time before EY joined the circus too.