2020-12-16 20:39 |
Ernst and Young (EY) and Microsoft have come together to announce that they have expanded the Xbox Enterprise platform, Microsoft’s blockchain-based solution for gaming rights and royalties management. A news release unveiled this news on December 14, noting that this expansion seeks to provide a financial system of record, which ranges from content creation to payment and reconciliation.
According to the press release, Microsoft will use the additional blockchain functions to let its Xbox gaming partners and its network of content creators track, manage, and oversee payment processing for royalty contracts transparently. Ernest and Young, on the other hand, aims to walk its business-to-business enterprise clients through developing similar blockchain platforms. In so doing, the firm seeks to help its customers automate contract-associated calculations and processing.
Commenting on this development, Microsoft’s General Manager of Global Finance Operations, Luke Fewel, said,
“In this go-live, we successfully generated the first round of partner payments utilizing blockchain and smart contract technology. 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’s gaming partners. We look forward to continuing to scale this solution across our royalties ecosystem — improving our processes and the continuation of our modern finance journey.”
Minimising the processing time for royaltiesPer the publication, the expanded solution will offer Microsoft multiple benefits. These include,
Accelerating contract digitization to help users create contracts quickly by leveraging Microsoft Azure-based Artificial Intelligence (AI).Generating and incorporating statements and invoices into enterprise resource planning (ERP) programs, a move that will record royalties swiftly while enhancing transparency.Creating accounting entries from the blockchain platform and seamlessly adding them into existing ERP applications to boost efficiency and accounting capabilities.Adding the requisite controls and compliance standards, which enable the solution to work as a financial record system.Apart from the above perks, the solution will also minimise processing time by 99%. On top of this, it will allegedly use digital contracts across development partners to provide 100% near real-time calculation of royalties. Reportedly, EY and Microsoft have tested the blockchain solution to ensure it supports high performance under a volume influx. Per the press release, the application can process 2 million transactions in a day.
Through these improvements, the expanded blockchain platform will help enhance the overall royalties experience by leveraging the benefits of Microsoft’s gaming ecosystem. As such, the Microsoft rights and royalties blockchain will offer the network’s partners earlier visibility and availability of data in statements and invoices.
Dave Padmos, the leader of EY America’s Technology, Media & Entertainment, and Telecommunications, said the ability to uphold trusted data with near real-time transparency would help reduce cost and increase trust. He added that this ability, when merged with the flexibility of an application-specific platform, can deliver instant business value.
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