Yet another plucky, young, unheard-of startup is entering the fray in the blockchain’n’media space. It’s called Microsoft and… Oh wait. Yes, *that* Microsoft is exploring how blockchain technology might have a role to play in the media and entertainment industries. It’s working with a company called EY on a “rights and royalties management” system that “can be applied to any industry where intellectual property or assets are licensed”. Cue smart contracts, and a network built on the Quorum blockchain protocol and Microsoft’s own Azure cloud infrastructure and blockchain techs.
The first testers of this network will be games publishers, but EY and Microsoft say it will be able to serve “any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements” – specifically mentioning songwriters as a target market. “Smart contract technology is far more flexible and scalable than any prior solution for managing business agreements. We look forward to deploying this solution across our gaming ecosystem and exploring additional blockchain applications for other finance processes at Microsoft,” said Microsoft’s general manager of finance operations Grace Lao.