Microsoft and EY set Blockchain Royalty Payment Platform

Microsoft is to run a blockchain platform that will keep track of collecting and disbursing royalty payments for software developers, musicians and authors
22 June 2018   326

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.

Crypto Investor to File Lawsuit Against AT&T

Michael Terpin believes that AT&T helped scammers to still his $24M worth crypto
16 August 2018   93

In the Los Angeles District Court, a 69-page lawsuit was filed by BitAngels founder Michael Terpin against the American telecom giant AT&T. Terpin claims that the operator assisted fraudsters in "stealing digital personal data" from the account on his smartphone, which is why he lost $ 24 million in cryptocurrency, according to an official release.

According to Terpin, for seven months, there were two hacks. Initially, an attacker got access to his phone number without providing a password or correct identification data. Later, the phone number was used to steal crypto.

AT&T’s studied indifference to protecting its customers’ privacy and financial assets is a metastasizing cancer, threatening hundreds of millions of unsuspecting AT&T’s customers. Our client had no idea when he initially signed up, nor when later he was promised the highest level of security for his account, that low-level retail employees with access to AT&T records, or people posing as them, can be bribed by criminals to override every system that AT&T advertises as unassailable.

Pierce O’Donnell
Lead counsel for Terpin in this complaint

Michael Terpin requires AT & T to pay him $ 224 million - $ 200 million for moral damages and $ 24 million for actual theft.