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Microsoft, EY Expand Blockchain Platform for Gaming Rights to Include Payments
Microsoft and Ernst & Young LLP announced plans to use a blockchain platform to allow Microsoft’s Xbox gaming partners, artists and content creators to track and manage their payments and royalty contracts.
Microsoft and Ernst & Young LLP (EY) have announced plans to use a blockchain platform to allow Microsoft’s Xbox gaming partners, artists and content creators to track and manage payments and royalty contracts.
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- Announced Monday, the companies said this will be one of the largest implementations of a blockchain-based financial system for accounting that will manage Microsoft’s end-to-end process for rights and royalties to its Xbox gaming partners.
- For the creation of new contracts, Microsoft will be using artificial intelligence powered by Microsoft Azure, which allows digitizing contracts.
- The blockchain application for payments and contracts has been tested – it has been through the “soak testing” stage used to measure the performance of a software application under a huge volume; findings showed it is capable of processing two million transactions per day, according to the statement.
- “In this go-live, we successfully generated the first round of partner payments utilizing blockchain and smart contract technology,” said Luke Fewel, general manager of global finance operations at Microsoft.
- The platform will streamline financial and operational processes with the ability to scale, reduce heavy manual overhead and improve the experience for Microsoft’s gaming partners, Fewel said.
Read more: Microsoft, EY and ConsenSys Tout New Way for Big Biz to Use Public Ethereum
Tanzeel Akhtar
Tanzeel Akhtar has contributed to The Wall Street Journal, BBC, Bloomberg, CNBC, Forbes Africa, Financial Times, The Street, Citywire, Investing.com, Euromoney, Yahoo! Finance, Benzinga, Kitco News, African Business Magazine, Hedge Week, Campden Family Office, Modern Investor, Spear's Wealth Management Magazine, Global Investor, ETF.com, ETF Stream, CIO UK, Funds Global Asia, Portfolio Institutional, Interactive Investor, Bitcoin Magazine, CryptoNews.com, Bitcoin.com, The Local, The Next Web, Mining Journal, Money Marketing, Marketing Week and more. Tanzeel trained as a foreign correspondent at the University of Helsinki, Finland and newspaper journalist at the University of Central Lancashire, UK. She holds a BA (Honours) in English Literature from the Manchester Metropolitan University, UK and completed a semester abroad as an ERASMUS student at the National and Kapodistrian University of Athens, Greece. She is NCTJ Qualified - Media Law, Public Administration and passed the Shorthand 100WPM with distinction. She does not currently hold value in any digital currencies or projects.
