Software giant Microsoft is introducing a new blockchain system to manage royalty payments for game developers. This technology is built on the Quorum blockchain using their proprietary Azure Cloud platform. Its goal is to reduce operational costs and make it a lot easier to create a payment system.
It’ll initially be piloted on the Xbox One’s store to manage payment for video game publishers. One large publisher that’s already jumped on board is Ubisoft, which is known for their AAA titles includes Assassin’s Creed, Just Dance, Rayman, Far Cry, Prince of Persia, and Tom Clancy games. They made a total of $1.65B last year in sales and are one of the top publishers worldwide. This isn’t just some guinea pig indie developer trial. This is the real deal- not that indie developers aren’t significant, but rather, having a giant company test drive it means Microsoft is serious since if something goes wrong it could cost a lot of lost revenue for the company.
The blockchain tech could also make movie royalties and anything else that requires licensing a lot more user-friendly. The system currently powers thousands of vendors and titles around the world simultaneously, but it’s a very complex setup which only appears smooth to the customer. The new system can power millions of transactions per day which would make it one of the largest enterprise blockchain solution in use.
Ernest and Young, Microsoft’s multinational accounting partner will help develop the royalty payments and cust operating costs in half by ridding the manual labor and partner reviews currently being used inefficiently. Blockchain skeptics often say that enterprise solutions aren’t actually practical yet, but the Xbox initiative is unfolding rapidly and will probably be one of the first giant enterprise solutions currently in use- ever.
Paul Brody, Ernest and Young Global Innovation Leader says:
“The scale, complexity and volume of digital rights and royalties transactions makes this a perfect application for blockchains. A blockchain can handle the unique nature of each contract between digital rights owners and licensors can be handled in a scalable, efficient manner with an audit trail for the participants. By deploying this on Microsoft Azure, we believe this will be highly scalable across thousands of royalties and content partners.”
Blockchain tech will allow smart contracts to be executed right away with information logging and validation happening on a digital ledger. this would rid the traditional verification process that eats at speed for royalty payments that sometimes take up to 45 days+. This would change the ecosystem entirely as developers, writers, graphic designers, software developers, A/V artists, and any other creative position to benefit from a faster and accurate payment system. This is literally blockchain- in action!
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