Ernst & Young (EY) and Microsoft are expanding a blockchain-based platform in an effort to improve the experience of Xbox gaming partners and content creators.
In a press release, EY says that the expanded blockchain functionalities aim to give Xbox’s network of gaming partners and content creators a better way to track, manage, and process payments for royalty contracts.
EY also highlights that the expanded blockchain will allow Microsoft to accelerate contract digitization, speed up royalty processing, improve accounting efficiencies, and use the solution as a financial system of record.
According to Ernst and Young, the expanded blockchain solution reduces “processing time by 99%, with 100% near real-time calculation of royalties” and supports high-volume usage. The so-called “soak testing,” which evaluates software performance, shows that the blockchain application can process up to 2 million transactions per day.
Microsoft general manager of global finance operations Luke Fewell says the blockchain solution improves the overall experience of its users.
“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.”
Don't Miss a Beat – Subscribe to get email alerts delivered directly to your inboxFeatured Image: Shutterstock/phive