Yesterday, Ernst & Young (EY) and Microsoft announced the expansion of their enterprise blockchain solution for managing content rights and royalties for games. The first iteration of the solution targeted sales reporting and the latest version has evolved to be a full royalties accounting system, including contract initiation, as well as payment and reconciliations.
Initially used for gaming and designed to be used in other media, the expansion allows Microsoft’s Xbox partners and other content creators to have more visibility into royalty management. In the past, creators had to wait 45 days to see what they had earned, whereas now they can calculate earnings daily. EY claims the solution reduces the time to process royalties by 99% and can handle around two million transactions every day.
Other features include integration with enterprise resource planning (ERP) applications and even generating ERP accounting entries directly from the blockchain. It also incorporates AI for faster contract creation and unsurprisingly, is hosted on Microsoft Azure.
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