EY, a notable leader in advisory services in collaboration with Microsoft, a tech giant have announced a blockchain-based solution with the focus on facilitating content rights and royalty management. Reports suggest that application of this solution will commence with the gaming industry; Microsoft and affiliated game publishers will adopt this solution for the industry.
This however does not in any way preclude the use of this blockchain solution in other industries where licenses are issued for intellectual property (IP) or other assets. Piloting the project with the gaming industry is considered to be strategically prudent especially since the gaming market is both huge and impulsive.
If the blockchain solution works as planned, market participants will see transactions in real-time which will hopefully afford them the opportunity to gain a deeper understanding of how the market operates and other industry-related dynamics. Operational inefficiencies and manual reconciliation will be considerably minimized if not completely eliminated as a consequence of the use of blockchain technology. This will doubtless facilitate both overall process and workflow. This block-based solution is also expected to do a better job at assisting Microsoft affiliates better comprehend the transactions a lot quicker.
“We are always looking at how to leverage emerging technologies in all facets of our business. The opportunity to collaborate with EY and Microsoft on blockchain use cases in the domain of digital contracts and royalties is truly exciting,” said Loic Amans, Senior Vice President of Finance & Strategic Planning at Ubisoft.
The blockchain content rights platform was built on the Quorum blockchain platform together with Azure, Microsoft`s cloud offering. Presently, the team responsible for the creation of this platform is considering the possibility of allowing other partners make use of the solution infrastructure-wise that may be able to support royalties and intellectual property related transactions in both the digital media and software industries among others.
Deep Ghumman, EY Global and EY Americas Blockchain Finance Lead, Advisory Services, noted: “Enterprises are looking to use blockchain technology to solve their business challenges. They are especially looking for scalable blockchain products that can easily plug into their existing processes and systems (…)”
The copyright industry has experienced significant growth in the last couple of years. A report by the US department of commerce revealed that major copyright industries experienced a 4.8% growth rate year over year during 2012-2015, which stood at a whopping $1.2 trillion as of 2015. The introduction of Blockchain technology-based systems into the copyrighting space is expected to change the face of the industry.
Similar efforts are being made in photography. Kodak, a technology company is currently partnering WENN Digital in a quest to build this system in a area where photographers have struggled to maintain and exercise ownership over their content. “Distributed digital ledgers effectively facilitate a rigid data store which cannot be manipulated, hence serving as an effective store of data for ownership of photographs and digital assets”, CCN has noted.
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Image from Sputnik International