Microsoft is planning to slash operational costs by introducing a new blockchain to manage royalty payments for gaming developers.
Built on top of the Quorum blockchain using Microsoft’s Azure Cloud, it will initially be tested on Microsoft’s Xbox gaming console to manage payments for video game publishers, including Ubisoft, one of the largest gaming publishers worldwide. The company made $1.65 billion in sales last year and produces a cascade of hit franchises such as Assassin’s Creed, Prince of Persia, Just Dance, Rayman, Far Cry and the Tom Clancy series.
The new blockchain could also be used to manage Microsoft’s movie royalties and other verticals that require licensing for intellectual property. Microsoft expects the solution to encompass thousands of royalty partners and process millions of transactions per day to make it one of the world’s largest enterprise blockchain ecosystems.
Microsoft’s current software system for royalty management is reportedly complex, despite what appears as a smooth transaction for the end user making a game purchase. The legacy system juggles thousands of titles, vendors and publishing houses across the globe, reconciling transactions that have to adhere to various jurisdictions and tax codes.
To impact its bottom line, Microsoft and its multinational accounting partner Ernst & Young (EY) are hoping to streamline the royalty payment process and cut operating costs in half by eliminating the costly manual reconciliations and partner reviews that are required to build trust.
“Smart contract technology is far more flexible and scalable than any prior solution for managing business agreements,” says Grace Lao, General Manager of Finance Operations at Microsoft.
But blockchain skeptics often point out that scaling for enterprise solutions has not yet become a reality. Test pilots and visionary applications need to be applied to real-world use cases and solve tangible problems. With Microsoft’s Xbox blockchain initiative, it hopes to prove that the new technology can deliver on processing millions of transactions not only faster than the legacy system but in a much more transparent way.
Blockchain’s automation would allow smart contracts to be executed instantly. Information that’s recorded, validated and automatically verified on a digital ledger would eliminate the traditional verification steps that can slow down royalty payments and require 45 days or longer to process and complete.
“The scale, complexity and volume of digital rights and royalties transactions makes this a perfect application for blockchains,” says Paul Brody, EY Global Innovation Leader. “A blockchain can handle the unique nature of each contract between digital rights owners and licensors can be handled in a scalable, efficient manner with an audit trail for the participants. By deploying this on Microsoft Azure, we believe this will be highly scalable across thousands of royalties and content partners.”
If implemented successfully, blockchain applications for royalty payments would have a huge impact on creatives such as a gaming developers, software developers, audio and video artists, writers, graphic designers, musicians and digital media content creators who would benefit from a transparent system that can track royalties faster and process payments more quickly.
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“Going Green in Dubai: A Guide to Eco-Friendly Packaging for Businesses”“Going Green in Dubai: A Guide to Eco-Friendly Packaging for Businesses”
As the world becomes more aware of the impact of human activity on the environment, many businesses are looking for ways to reduce their carbon footprint. One way to do this is by switching to eco-friendly packaging, there are a variety of options available for businesses looking to make a positive impact on the environment. Here’s what you need to know about eco-friendly packaging in Dubai.
Understand the importance of sustainable packaging.
Sustainable packaging is important for a number of reasons. First and foremost, it helps to reduce the amount of waste that ends up in landfills and oceans. By using materials that are biodegradable or recyclable, businesses can help to reduce their impact on the environment. Additionally, sustainable packaging can help to reduce the carbon footprint of a business by using materials that require less energy to produce and transport. Finally, eco-friendly packaging can be a selling point for businesses, as consumers are becoming more conscious of the impact of their purchases on the environment.
Here are some steps businesses in Dubai can take to make the switch to eco-friendly packaging:
- Conduct a packaging audit
The first step businesses in Dubai should take is to conduct a packaging audit. This involves assessing the packaging materials currently used and identifying areas where eco-friendly alternatives can be used. A packaging audit can help businesses understand their environmental impact and identify opportunities to reduce waste.
- Choose eco-friendly materials
Once a packaging audit has been conducted, businesses can start to choose eco-friendly materials. Eco-friendly packaging products are made from sustainable materials like recycled paper, bioplastics, and compostable materials. These materials are biodegradable and can break down naturally over time, reducing waste and minimizing the carbon footprint of businesses.
- Consider the entire supply chain
Businesses should consider the entire supply chain when making the switch to eco-friendly packaging. This includes considering the sustainability of raw materials, transportation, and disposal. By considering the entire supply chain, businesses can ensure that their eco-friendly packaging is truly sustainable and has a minimal impact on the environment.
- Educate customers
Educating customers about the benefits of eco-friendly packaging is essential for businesses in Dubai. This can be done through labeling and packaging design that highlights the sustainability of the product. By educating customers, businesses can promote sustainability and build a positive brand image.
- Partner with eco-friendly suppliers
Partnering with eco-friendly suppliers is a great way for businesses in Dubai to ensure they are using sustainable materials. Eco-friendly suppliers offer a range of sustainable packaging products and can help businesses make the switch to eco-friendly packaging.
In conclusion, making the switch to eco-friendly packaging is essential for businesses in Dubai looking to reduce their environmental impact and promote sustainability. By conducting a packaging audit, choosing eco-friendly materials, considering the entire supply chain, educating customers, and partnering with eco-friendly suppliers, businesses can make a positive impact on the environment and build a more sustainable future.
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Mirza Ashraf Beg @ Dubai
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Mirza Ashraf Beg @ Dubai
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About Post Author
Mirza Ashraf Beg @ Dubai
Outclass expertise in Products & Regulatory Controls, Risk Management, in “Business Modeling” focused on bespoke client products along with technology adoption. Proven in-depth understanding of micro/macro financial market econometrics, Offshore, Cross Border Banking and Legal Barriers.
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Expert in Regional/Global Regulatory operational management having exemplary accolades in Islamic Banking with high end achievements in structured products.
Expertise in Global Intelligence, Value Research, Product Development & Processing, projects related to current global disruptive technological changes & its adaptation through FinTech Landscape – micro/macro.
Author is a Fintech Writer, Market Researcher, Speaker & Panelist in various International Banking & Technology Forums: Terrapin, Clear stream/Euroclear, Fleming, BII, Allan Lloyds, Trescon, Alpha-one, PWC, Finastra Universe - Misys-Connect etc.