Microsoft and EY to develop blockchain platform for contract management

Microsoft has partnered with consulting firm Ernst & Young (EY) to unveil a blockchain-based platform to manage contracts for content creators and game development partners.

The platform will allow artists, musicians, writers and others involved in the development of games for Xbox consoles to track and manage their contracts and income. The press release notes that this will be one of the largest implementations of a blockchain-based finance tracking system.

The companies plan to use artificial intelligence and machine learning technologies to speed up the processing and digitization of contracts. Thanks to the blockchain, the system will generate reports and integrate accounts faster and more transparently than traditional platforms. 

The developers hope that the processing time for invoices and contracts will be reduced by 99%. In stress testing, the platform handled 2 million transactions per day. EY Global Blockchain CEO Paul Brody emphasized:

“Blockchain can be the glue that allows different businesses to interact in a digital environment. The launch of the platform is another step towards that future. It increases the level of automation and reduces the time of each stage along the entire path from the digitization of the contract to the execution of financial transactions. “

Blockchain is also often used to digitize trade finance transactions . Analysts of the World Trade Organization noted a noticeable development and “maturation” of the industry – according to them, now the projects “are in the initial stages of real use.”

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