It is an alliance with EY for the management of copyright payments. The platform uses Microsoft Azure Blockchain on Quorum on Ethereum.
Multinational software development and audit services companies Microsoft, and Ernst & Young (EY) made an announcement on which both service companies enlight the arguments about the expansion of their solutions on blockchain for managing copyright payments.
The financial support goes as a target for the Xbox network of artists, musicians, writers, and other content creators to better track their royalties.
The system is using the services of the Microsoft Azure Blockchain, a network that focuses its works in the Quorum consortium on Ethereum and that comes to offer a service more transparent and faster when it comes to payments, as reported by both companies through a joint statement.
According to Microsoft and EY, the solution calculates royalty payments in nearly real-time and integrates data visualization. The information also includes contract conditions, account statements, invoices, and accounting records.
“With its expanded blockchain, Microsoft is now able to: Accelerate contract digitization for faster creation using artificial intelligence (AI), based on Microsoft Azure.
The system can generate and integrate account statements and invoices with enterprise resource planning applications to process and record royalties with considerable and greater speed, greater visibility, and, what matters the most, transparency,”the report stated.
The software used for the payment of royalties would reduce the information processing time by 99% with a capacity to process up to two million transactions per day, according to the aforementioned companies.
Microsoft is one of the companies that recognize and assumes with more strength the potential that blockchains have for multiple use cases. There is a report in October out pointed out that the company, through its Azure cloud proposal, was thinking about taking a position in the creation of enterprise blockchains with Quorum.
Even Microsoft claimed, in June 2020, that blockchains are useful tools that can be very expansive and could serve as bridges to help meet the goals of the Paris Agreement on the environment and the threat of climate change.
DLTs are originals of Bitcoin as a digital system, which were first introduced in January 2009. It is a technology that allows transactions of any kind (value or data) to be conducted without the intervention of trusted third parties. The exchanged information gets recorded in a register that can be consulted by the participants.
By: Jenson Nuñez.
