Global leader in advisory services, EY, launches a blockchain in partnership with Microsoft which will facilitate content rights and royalties management.
To set things off, Microsoft and associated game publishers will be using the solution in the gaming industry, even though this kind of a solution can be used in different firms where intellectual property (IP) or assets are licensed. Gaming seems to be a huge and impulsive market which offers a good case for trial.
The solution is expected to have a real-time visibility of transactions that will positively provide market participants an understanding of the market and a better understanding of market dynamics that feature the sector. Aside from this, one of the primary problems that was handled by using blockchain technology is solving operational inadequacies and remove manual reconciliation. This improves the overall process and refines the workflow. This new blockchain based solution helps Microsoft’s associates to have insights into the transactions faster, as opposed to 45 days or so on legacy systems.
Loic Amans, Senior Vice President of Finance & Strategic Planning at Ubisoft noted:
”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.”
The project is established on the Quorum blockchain platform backed by Microsoft’s cloud offering, Azure, on the technical front.
Deep Ghumman, EY Global, and EY Americas Blockchain Finance Lead, Advisory Services stated:
“Enterprises are looking to use blockchain technology to solve their business challenges. They are especially looking for scalable blockchain products that can easily plug into their existing processes and systems (…)”
With the help of blockchain technology, it is hopeful that their technology will increase the speed of processing times and superior tracking. As opposed to legacy systems, this saves a lot of time and offers data for forecasting.
The announcement comes after EY’s earlier blockchain initiatives: Blockchain for automotive services, a suite of blockchain audit technologies and a marine insurance platform that is commercially used.