Anyone who has ever attempted to purchase a laptop or PC knows the overarching reach of Microsoft within today’s world; from operating systems right through to Office 365 and now educational software as well as cloud technologies. Microsoft truly is everywhere, with data centers cropping up anywhere with suitable land and so many businesses competing to become Microsoft partners, many are wondering where will they go next? The answer to that penultimate question may lie in the world of Cryptocurrencies, as it seems that Microsoft may want to hold the monopoly on Blockchain technologies as well.
The Announcement From Microsoft
Microsoft has recently informed the media of a new venture between them and the accounting corporation EY that will utilize Blockchain technologies in order to facilitate the permissions and royalties pertaining to events. This groundbreaking innovation will do away with hassles related to the facilitation of contracts for those within the entertainment industry. In addition, the platform will remove the inevitable headaches associated with the annual financial task of devising the distribution of royalty payments to the content creators.
Probably, the most exciting part of this creation is that it will run in real-time, providing instantaneous feedback on consumers purchasing the content produced by the creator and what monies are owed to the creator. This solution has been created on the Qouroum Blockchain platform and has made use of the Microsoft Azure technologies as a framework. At present, the platform is being tested by various departments in Microsoft, such as an in-house gaming collaborator Ubisoft.
The Implications Of This
The implications for this concept working and being generally adopted are, such that no longer would a content creator have to own their concept, rather an external company can purchase the license to use the content created. Once the content has been licensed for use by an external authority, the system will automatically calculate how much of the revenue from a single sale is owed to the original content creator.
There are many areas where this kind of model could be applied successfully; some of the most early identified industries include the entertainment sector for obvious reasons. Other areas include writing, music, gaming, and applications or frontend development.
Predictions And Final Thoughts
This new product is not yet live, as it is still being tested, however, once it has gone live, Microsoft has predicted that it will be able to handle a couple million instances of sales being run through the system in a single 24 hour period. If this is the case, this will cause the platform to be one of the global leaders in Blockchain driven corporate payment and financial operating systems.
Microsoft’s movement towards Blockchain should not come as a surprise to anybody, especially with their recent acquisition of GitHub. This is due to GitHub is one of the main sections within the world of code for Blockchain as the vast majority of the world’s current Blockchain coding has originated from the halls of GitHub.
This particular movement of Microsoft’s may not be revolutionary or particularly ingenious, however as they are one of the largest companies in the world, them taking on such a project does give the whole idea a lot more promise.