EY and Microsoft Announced Expansion of Xbox Blockchain Platform
Multinational professional services network EY and Microsoft have announced that they will expand the Xbox Enterprise Blockchain Platform. According to the official press release made a few days ago, the existing blockchain foundation has been expanded. The alliance’s goal is to provide a more enhanced experience for Xbox game partners and creators. The software will give Xbox game partners, artists, musicians, writers, and content creators a few advantages. Like more visibility for the monitoring, management, and processing of royalty contracts. Blockchain-based system software will provide a record financial system for game rights and loyalty management.
Luke Fewell, general manager of global finance operations at Microsoft, says the blockchain solution improves the overall experience of its users. The solution uses electronic contracts between gaming partners to reduce transaction time by 99% by calculating 100% near real-time royalties. Besides, it supports high volume usage. The software performance of the blockchain application was evaluated. According to the results, the application can process up to 2 million transactions daily.
“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.”
The expanded solution for game developers expected to bring features such as speed, efficiency, controls and compliance standards, and transparency. Therefore, Microsoft and its accounting partner Ernst & Young are working full speed to bring the solution to the current blockchain.
Ernst & Young plans to use this technology to automate contract-related calculations and transactions for B2B customers. EY is one of the largest professional services networks that exists to build a better world of work by helping to create long-term value for society and build trust in the capital markets. It is considered as one of the Big Four (Big 4) firms, along with PricewaterhouseCoopers, KPMG, and Deloitte.
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