Microsoft recently announced that they will be launching a new blockchain system that will allow game creators, designers, and publishers to earn royalties through their Xbox system.
What’s going on?
Last week, the companies debuted a content rights and royalties platform built on the blockchain, which will allow Microsoft and its partners to process millions of transactions in a faster and more reliable way.
When users buy content, those royalties are coded onto the blockchain based on the previously agreed upon conditions before the money is reviewed and distributed to the proper publishers. And it would all happen at a rapid pace.
The reason behind the use of blockchain is because normally it would take up to 45 days for publishers on the platform to get their money. With blockchain, publishers and creators can receive their money instantly through their blockchain platform.
What problems is Microsoft running into with this?
The blockchain isn’t a simple concept. There are thousands of different software vendors and publishing houses that have thousands of titles. These products are sold all around the world in different jurisdictions with all kinds of tax rules and different rules in the purchasing of contracts and payment agreements.
Yes, it goes back to the tax problem…
What will the blockchain system be built on?
The system is built on top of the Quorum blockchain, a blockchain protocol that has additional layers of privacy controls for enterprise businesses. The network is also built using Microsoft’s Azure Cloud.
Microsoft is making big moves in the blockchain space
This isn’t Microsoft’s first foray into the blockchain. In February, the company debuted a blockchain-powered identity management software to help consumers maintain control of their own personal data rather than entrusting it to third parties.
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