Microsoft in a partnership with Ernst & Young has announced the expansions of its blockchain technology for gaming rights and royalties management. According to an official press release, the expanded version reduces processing time by 99% and supports performance "under a high volume of usage" (up to two million transactions per day).
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Microsoft says the expanded version of the blockchain solution enables its Microsoft Xbox gaming partners and its network of artists and musicians to get an increased transparency of royalty contracts.
Luke Fewel, General Manager of Global Finance Operations at Microsoft, claims that the solution helps streamline financial and operational processes with the ability to scale the experience for Microsoft’s gaming partners.
"We look forward to continuing to scale this solution across our royalties ecosystem — improving our processes and the continuation of our modern finance journey," Fewel added.
Microsoft has been paying attention to the blockchain technology for a long time. In November 2018, Microsoft received the top spot in ABI Research’s Blockchain-as-a-Service Competitive Assessment.
ABI Research is an American analytical agency that was founded in 1990. It provides strategic guidance for visionaries needing market foresight on the most compelling transformative techs, which reshape workforces, identify drops in a market, create new business concepts and drive new revenue streams.
Prior to that milestone, Microsoft with its blockchain-based product Microsoft Blockchain Azure concluded a partnership with a global electronic marketplace for buying and selling securities, Nasdaq, in order to deliver highly secure interoperation between the Nasdaq Financial Framework core infrastructure.
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