EY and Microsoft have teamed up to create a blockchain technology platform in order to expedite content rights and royalty management across a number of entertainment lines. They are planning on launching the program on Microsoft gaming partners and then expanding to other offerings. If the platform can do what they hope it can, it will streamline an extremely tedious process. The team announced the deal, saying
The scale, complexity and volume of digital rights and royalties transactions makes this a perfect application for blockchains. A blockchain can handle the unique nature of each contract between digital rights owners and licensors can be handled in a scalable, efficient manner with an audit trail for the participants. By deploying this on Microsoft Azure, we believe this will be highly scalable across thousands of royalties and content partners.
There are a variety of end markets that Microsoft and EY hope to reach through this offering including musicians, movies, TV shows and authors. This encompasses endless hours of content that aggregates into billions of dollars. The platform will assist in showing royalty positions and where the royalties are coming from.
The blockchain solution was based off the Quorum blockchain and used Microsoft’s Azure cloud storage. EY and Microsoft have expressed excitement over the project, saying
Enterprises are looking to use blockchain technology to solve their business challenges. They are especially looking for scalable blockchain products that can easily plug into their existing processes and systems. The rights and royalties blockchain solution on Microsoft Azure is a great example of how blockchain will transform the way we do business and how EY and Microsoft are collaborating to empower digital transformation with blockchain.
The launch will start with Ubisoft, one of the world’s leading game creators. They will phase in other gaming platforms in the coming months following how successful the initial launch is. A number of other Microsoft partners have already expressed interest in the blockchain and the number of partners won’t be limited if the product is a success.