EY and Microsoft are using a blockchain-based platform that will enable Xbox gaming partners as well as associated artists, musicians, writers and other content creators to track and manage their royalty contracts, the companies announced Monday.
According to the announcement, this is one of the largest implementations of a blockchain-based financial tracking system "built on the continued collaboration between EY and Microsoft."
The companies plan to integrate artificial intelligence (AI) and machine learning into the platform for faster and more efficient contract digitization. The platform will also generate and integrate statements and invoices at a greater speed and with more transparency.
The companies claim this new platform will reduce processing times by 99%. The blockchain application has been tested to support a high volume of usage – two million transactions per day, to be precise.
“Blockchains could well become the glue that digitizes interactions between enterprises," said EY Global Blockchain Leader Paul Brody. "This go-live represents another big step on that path, extending the level of automation and cycle time compression all the way from digitizing the contract to posting financial accruals."