With an aim to streamline the costly and time-consuming processes in entertainment rights and royalties, EY and Microsoft have now launched a blockchain network for content rights and royalties management.
The blockchain solution is first implemented for Microsoft’s game publisher partners. Indeed, gaming giant Ubisoft is already experimenting with the technology.
After successful testing, 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 rights and royalties management solution enables increased trust and transparency between industry players, significantly reduces operational inefficiencies in the rights and royalties management process and eliminates the need for costly manual reconciliation and partner reviews.
Also, the solution provides real-time sales transaction tracking, which will help participants in tracking their proceeds more effectively and improve insights into the content sales.
The Quorum blockchain protocol is used in the underlying distributed ledger system that runs on Microsoft Azure cloud infrastructure. The smart contract architecture used in this system is designed to maintain real-time calculation of royalties of each participant in the system, which will provide a better reconciliation of accounts.
Microsoft Software Engineering Manager Brad Wright stated:
“Powered by Microsoft Azure and blockchain technology, this solution helps demonstrate our ability to enhance trust with our gaming partners, and strengthen security, transparency and payment accuracy through the power of blockchain. We’re thrilled to work with EY and our gaming partners to streamline this business.”
The process is expected to enable “increased trust and transparency” between industry players, reduce “operational inefficiencies,” and make it easier for publishers and distributors to reward “downstream participants” like entertainers, graphic designers, and game developers.
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