The Silicon Review ^Asia

Microsoft joins hands with EY to launch Blockchain services which will help in settling payment disputes to streamline the costly and time-consuming processes in entertainment rights and royalties. The announcement was made public on Monday.

The solution is first being deployed within gaming with Microsoft and its game publisher partners, EY said in a statement.

“Powered by Microsoft Azure and blockchain technology, this solution helps demonstrate our ability to enhance trust with our gaming partners, and strengthen security, transparency and payment accuracy through the power of blockchain. We’re thrilled to work with EY and our gaming partners to streamline this business,” said Brad Wright, partner, software engineering manager, Microsoft.

The new Blockchain solution will enable increased trust and transparency between industry players, which will reduce inefficiencies in the rights and royalties management process, and eliminate the need for costly manual reconciliation and partner reviews.

This move by Microsoft has paved a way for it OS platform, Windows 10 to introduce new services which will help firms to manage their rights and royalty payment using the Blockchain technology.

With the Blockchain technology, people will get real-time access and insight into transactions, and the smart contract systems will ensure payments on time.

Microsoft is expecting that the network will turn out to be one of the largest enterprise blockchain ecosystems when fully operational, potentially processing millions of transactions per day.