Microsoft and EY Challenge the Current Use of Blockchain to Expand Opportunities
Microsoft and EY have been in the news lately for their recent partnership, which will enable them to add blockchain technology to the collection of content rights and loyalties management. It also contributes to the media industries as well, which was recently discussed in a video published on Bloomberg TV.
During the conversation between one of the anchors and Paul Brody who is the leader of EY. He says that that the adaption of blockchain technology for those purposes is only the beginning. He said,
“The problem we’re trying to solve here is the incredible complexity of business contracts between Microsoft, especially to start with, XBOX gaming platform, and all the video game publishers that are out there. With thousands of games with a variety of rules and contracts that consumers have to agree to, which creates a hugely complex intellectual problem,” which would easily be solved with blockchain.
The interviewing anchor follows up on this response, asking Brody if the use of blockchain could be “purposeful” for other applications. In response, Brody confirmed that this was possible, listing the ways that royalties and other intellectual property apply to the media entertainment industry.
She implores Brody to explain what reason EY had to get involved at all with Microsoft, considering their current knowledge of blockchain and how it helps. Brody responded to her question by stating that Microsoft’s support has been beneficial, saying,
“What’s been amazing is, we actually have– not only do we have deep, kind of, process knowledge around this, but we’ve actually been equal partners with Microsoft in the technology development. So EY developers have been putting together the process around smart contracts, scaling up this blockchain—This will be the biggest, from a transactional perspective, this will be fully deployed the biggest blockchain – industrial blockchain – in the world. When it’s fully deployed out, it will be 2 million transactions a day.”
Basically, the engineers from both EY and Microsoft have been taking on the challenge of scaling their platform to accommodate all of these transactions, though the interview didn’t reveal a potential date. Despite this project being an industrial solution, EY prefers the help of Microsoft to help them create the business processes, which reduces the costs of these tasks for Microsoft by over 60%.
Brody continues on to say that they also hope to go into multiple industries to help with shared ledgers and record-keeping. Specifically, Brody listed supply chain management, logistics, manufacturing, and “any kind of intellectual property” with these industries.
The interviewer made a comment about how many CEOs with blockchain technology often comment that they don’t believe in the longevity of cryptocurrency, but they believe in the future of blockchain. When asked for his take on this comment, Brody stated that he believes the currencies themselves have longevity, but maybe not their platforms. He supported this sentiment by saying,
“A token can be a payment token, but I can have dollar tokens or euro tokens or yen tokens, so there’s no requirement, if you’re doing business on the blockchain, that you have to do your payment in Bitcoin or Ethereum.”