In an effort to demonstrate there are actual uses for blockchain technology, global professional services biz EY and Microsoft have teamed up to offer companies a way to manage rights and royalties. Though the system is designed to serve any industry that deals with intellectual property licensing and royalty payments, the gaming industry – which involves authors, composers, photographers, video makers, developers and production houses – will serve as the test subject.
Ubisoft – a Microsoft game publishing partner – intends to test the system, which relies on the Quorum blockchain protocol, Microsoft’s Azure cloud infrastructure and supporting technologies. The hope is that the payment tech will make contracts and royalties easier to manage.
“The opportunity to collaborate with EY and Microsoft on blockchain use cases in the domain of digital contracts and royalties is truly exciting,” said Loic Amans, SVP of finance and strategic planning at Ubisoft, in canned remarks. EY and Microsoft say their blockchain beast will “enable increased trust and transparency between industry players, significantly reduce operational inefficiencies in the rights and royalties management process, and eliminate the need for costly manual reconciliation and partner reviews.”
It will, we’re told, offer almost real-time insight into sales transactions, info that tends to be useful for marketing analytics. And the smart contract architecture is designed to simplify how those owed royalties get paid.
Paul Brody, EY global innovation leader for blockchain, contends blockchain tech is ideally suited to this particular situation. “The scale, complexity and volume of digital rights and royalties transactions makes this a perfect application for blockchains,” he said in a statement. Read more from theregister.co.uk…
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