The system will successfully cut out third-party, ‘middleman’ services that gather a premium for their services, gaining profits away from creators. Microsoft claimed that the platform, that has been stated in cooperation with Ernst & Young (EY), is going to establish its online gaming system. Microsoft has also collaborated with companies like Ubisoft to implement the system.
EY and Microsoft designed the solution to serve any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements.
Microsoft and EY,
Both Companies in a Statement
Following the efficient deveopment, the platform is admitted to be susceptible of operation millions of transactions per day. Currently, getting a sing royalty payout can take as long as 45 days. Blockchain has long been referred as a perfect match for royalty payments - its transparency and immutability makes it impossible to forge or alter transactions; smart contract capabilities make it able to automatically collect and disburse payments.
Microsoft is the biggest leading firm to take the public dive into blockchain. Large entities across the tech and financial spheres, including IBM, JPMorgan, and Apple; in fact, Microsoft’s new platform was created using Quorum, a blockchain alloted by JPMorgan, along with Microsoft’s Azure cloud technology.
As claimed in a statement issued by both companies, EY participates in a number of other blockchain initiatives, including the development of blockchain products for automotive services, a marine insurance blockchain platform, and a suit of blockchain audit technologies.