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Microsoft reveals major new blockchain project

(Image credit: Image Credit: Zapp2Photo / Shutterstock)

Microsoft and Ernst & Young (EY) announced a new blockchain solution for the entertainment industry. 

The service looks to help manage content rights and royalties, with games publisher Ubisoft signed up to be the first organisation to trial.

The two companies said the current process revolving content rights and royalties payment is often costly and time-consuming. They’re saying the value chain in this industry is huge – authors, song writers, production houses, developers and who else not – they all need to be paid royalties for the revenue their intellectual property generates.

That can quickly add up to billions of dollars for more successful products. Calculating royalties are ‘currently mostly manual and generally managed via offline data sources’, the two companies claim.

And that’s exactly what this new blockchain offering aims to fix. Increased trust, more transparency and reduced operational inefficiencies are just some of the benefits that will come along the way. It was also said that the solution will provide near real-time visibility of sales transactions.

The underlying network is built using the Quorum blockchain protocol and Microsoft's Azure cloud infrastructure. Ubisoft, one of the world's leading game publishers and a Microsoft gaming partner, is testing the solution.

"We are always looking at how to leverage emerging technologies in all facets of our business,” said Loic Amans, Senior Vice President, Finance & Strategic Planning at Ubisoft. “The opportunity to collaborate with EY and Microsoft on blockchain use cases in the domain of digital contracts and royalties is truly exciting."

 Image Credit: Zapp2Photo / Shutterstock 

Sead Fadilpašić is a freelance tech writer and journalist with more than 17 years experience writing technology-focussed news, blogs, whitepapers, reviews, and ebooks. And his work has featured in online media outlets from all over the world, including Al Jazeera Balkans (where he was a Multimedia Journalist), Crypto News, TechRadar Pro, and IT Pro Portal, where he has written news and features for over five years. Sead's experience also includes writing for inbound marketing, where he creates technology-based content for clients from London to Singapore. Sead is a HubSpot-certified content creator.