Ernst & Young LLP (EY) and Microsoft have extended the latter’s blockchain service for gaming rights and royalties management to offer a financial system of record ranging from contract productions to settlements and reconciliations.
The expanded blockchain functions will allow Microsoft’s Xbox video gaming partners and its network of content creators, including musicians, artists, writers, and more, to gain more “visibility into tracking, management and payment processing of royalty contracts.”
Global professional services network EY plans to use the solution to help its B2B clients automate contract-related calculations and processing.
According to the release, the solution lowers “processing time by 99%, with 100% near real-time calculation of royalties” utilizing electronic contracts across game advancement partners.
The blockchain application has been evaluated to sustain performance under a high quantity of usage, the software industry’s supposed “soak testing,” and processes two million purchases daily.
Microsoft said the expanded solution comes with improved capabilities like speed, efficiency, controls and compliance standards, and transparency.
These new abilities will enhance the end-to-end royalties experience by integrating Microsoft’s gaming ecosystem and offering their partners on the blockchain ecosystem early visibility and accessibility of data in statements and invoices from a single source; the Microsoft rights and royalties blockchain.
Speaking on the development, Luke Fewel, Microsoft’s General Manager, Global Finance Operations, said the solution would help streamline financial processes. He added that it would also scale and reduce manual overhead, thus improving the overall experience for the company’s gaming partners.
Paul Brody, EY’s Global Blockchain Leader, believes blockchains could well become “the glue that digitizes interactions between enterprises.” He noted that the solution represents another significant step on that path and will help raise the bar for enterprise integration, from point-to-point integration to ecosystem-level automation.
Both corporations are looking forward to scaling this solution across the Microsoft royalties ecosystem to improve and continue their modern financial system journey.