Microsoft, EY Expand Blockchain Rights And Royalties Solutions For Xbox Gaming Partners
Microsoft is expanding its partnership with Ernst & Young (EY) to introduce royalties and rights management to its Xbox gaming blockchain, a press release states.
An announcement this Tuesday confirmed Microsoft and EY are expanding their blockchain-based gaming solution for rights and royalties to provide “a financial system of record, from contract creation to payment and reconciliation.”
This partnership extension is set to provide Microsoft Xbox gaming partners and creatives on the platform, including artists, musicians, other content creators, and enhanced tracking and settlement platform. These Xbox gaming partners will gain “increased visibility into tracking, management and payment processing for royalty contracts.”
Speaking on the expanded royalties management system, Luke Fewel, General Manager of Global Finance Operations, Microsoft, said the platform has already completed its first round of partner payments using the solution. Furthermore, users will have a more streamlined platform on the financial and operational front allowing scalability functions, “reduce the manual overheads and improve the tracking and settlement experience for Xbox gaming partners,” he added.
Through the use of machine learning and artificial intelligence (AI), the newly expanded feature will accelerate contract digitization, seamlessly generate and integrate statements and invoices to enhance transparency and speed of recording and managing royalties, improve efficiency and accounting capabilities of partners and incorporate controls and compliance standards of financial records.
Following several high volume tests on the expanded platform, the statement confirms that processing times will be cut down by 99% while ensuring “100% near real-time calculation of royalties using digital contracts” for Xbox game partners.
Paul Brody, EY Global Blockchain Leader, expects the latest partnership to boost overall blockchain deployment across enterprises “from a point to point integration to an ecosystem-wide level of integration.” Brody said in the statement,
“Blockchains could well become the glue that digitizes interactions between enterprises.”
“This go-live represents another big step on that path, extending the level of automation and cycle time compression all the way from digitizing the contract to posting financial accruals.”
The expanded solution is powered by the Microsoft Azure blockchain service and aims to scale blockchain networks’ capacity in the enterprise field while “modernizing the gaming partners royalties’ process.”