- Microsoft’s blockchain platform expands for royalties management.
- The expansion will bring better payments to the gaming industry.
- Paul Brody notes that a test is already being conducted on a private network based on Ethereum blockchain
Microsoft Expands its Blockchain-Based Solution
Microsoft was one of the first major tech companies to accept Bitcoin for payment. In November 2019, the software giants announced Azure Blockchain Tokens, a platform created to issue asset mints to a wide range of crypto assets.
Tech giants Microsoft and Big Four firm, Ernst & Young have now announced that it has expanded Microsoft’s blockchain-based solution to include gaming rights and royalties management.
Tests are Ongoing
Blockchain lead at Ernst & Young, Paul Brody, in the announcement noted that Microsoft’s blockchain solution for gaming royalties is already being tested. According to his announcement, a test is being conducted on a private Quorum network based on Ethereum.
He further noted that this expansion will provide a financial system of record for royalty agreement. Brody believes that by putting royalty agreements on a blockchain all the parties will be able to work off the same foundational information. Microsoft’s new expanded blockchain network will create a single source for the financial system of record that will improve the end-to-end royalties management process.
Upon completion, Microsoft’s blockchain network will be able to record contract creation, payment, and reconciliation transactions associated with gaming rights. A solution such as this reduces the time it takes for contracts to be paid, simplifies self-service content creation, and reduces costs.
On the Flipside
- The blockchain game space has been experiencing remarkable advancements in recent times.
- Last week, Assassin’s Creed publisher, UBISOFT, announced that it will validate transactions for Axie’s new Ethereum sidechain to help Axie scale to accommodate more players. Axie Infinity is an Ethereum-based pet game merging the worlds of Pokémon and Tamagotchi.
- DeFi Game, a retro, Tamagotchi-inspired game has announced its plan to launch fully on January 4, 2021. In November, Aave officially announced its investment in Pixelcraft Studios, now the company plans to launch fully in January.
How Will This Affect the Gaming Industry?
While it is certain that Microsoft’s integration will lead to transparency, trust, and faster payments, the question remains what will be the impact on the much larger gaming industry outside of Microsoft’s network.
Robby Yung, CEO of Animoca Brands, believes that Microsoft can cut a chuck out of the billion-dollar gaming industry if the tech giants can provide the kind of plug and play tools for game developers.
Microsoft’s new expansion undoubtedly has the potential of expanding the reach of blockchain and cryptocurrency in the gaming industry. The challenge will be to get businesses on their existing platforms to adopt new technology like blockchain.