Microsoft and professional services network Ernst & Young (EY) announced that they have expanded the Xbox Enterprise Blockchain platform to provide a gold-standard financial system for gaming rights and royalty management. The software giant will use the blockchain-based system to allow its Xbox gaming partners and network of artists, musicians, writers and other video game content creators to gain greater visibility into tracking. management and processing of payments for royalty contracts. EY hopes its other B2B client firms will follow suit and build similar blockchain platforms to help them automate contract calculations and processing. The company's global blockchain leader, Paul Brody, provided additional information on how businesses could benefit from implementing blockchain technology in a press release: “Blockchains could well become the glue that digitizes interactions between companies. This commissioning represents another important step on this path, extending the level of automation and cycle time compression from contract digitization to accounting for financial accruals. Blockchain solutions like this one help raise the bar on enterprise integration, from end-to-end integration to ecosystem-level automation. "
With its extended blockchain platform, Microsoft will be able to speed up lead creation using AI based on Microsoft Azure. The Xbox Enterprise Blockchain Platform can also seamlessly generate and integrate statements and invoices with enterprise resource planning (ERP) applications to process and record royalties with speed, visibility, and consistency. greater transparency. Accounting entries can even be generated from the blockchain platform in ERP applications. The extended solution reduces processing time by 99% with a near real-time 100% royalty calculation through digital contracts between game development partners. The Xbox Enterprise Blockchain platform has also been tested to support performance under high volume usage and is capable of processing 2 million transactions per day. Microsoft General Manager of Global Financial Operations Luke Fewel explained how the recent commissioning shows the potential of blockchain technology and smart contracts, saying, “During this commissioning, we successfully generated the first round of payments from partners using blockchain technology and smart contracts. This expanded solution will help streamline financial and operational processes with the ability to scale, reduce heavy manual overhead, and improve the experience for Microsoft gaming partners. We look forward to continuing to build this solution into our royalty ecosystem, improving our processes, and continuing our modern financial journey. "