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Microsoft is not done experimenting with blockchain technology. In fact, Microsoft and Ernst & Young (EY) announced the launch of a blockchain solution for content rights and royalties’ management systems.
The blockchain solution is first implemented for Microsoft’s game publisher partners. Certainly, gaming giant Ubisoft is already experimenting with this new technology.
After successful testing, Microsoft and EY hope to implement the solution across all industry verticals which require licensing of intellectual property or assets. The two companies hope that the move to blockchain will streamline the process of paying royalties to the rightful copyright holders.
The publishers and distributor partners will sign up on the blockchain platform and agree to business terms and conditions through a smart contract. When consumers buy their content online or from retail stores, the transactions will then be recorded on the blockchain and royalty amount decided as per the smart contract. Providing publishers and distributors accessibility to all relevant data.
The network is built using the Quorum protocol, Microsoft’s Azure cloud and Blockchain infrastructures.
Tags: Digital Currency | Blockchain
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