The Xbox enterprise blockchain platform has expanded its list of services by including an option which will allow content creators to get paid for their services faster. This means that the blockchain platform which is a collaboration of Microsoft and professional services firm, Ernest and Young(EY), has been able to upgrade its platform with a new financial system for recording gaming rights and royalties management. The upgrade is the first of its kind on the platform, and the new development is also set to see more financial transparency in the platform.
The new upgrade will expedite turnaround time on the platform
The new expansion on the blockchain platform is also set to see networks of artists, musicians, writers and other creatives increase their visibility, will also facilitate the tracking, management and issuing of blockchain royalty payments to the content creators, as with every other upgrade. The processing time on the platform is set to reduce by a whopping 99%, as content creators are expected to fast transaction services.
The Blockchain platform built on the Quorum blockchain and utilizing the Azure cloud computing system, with its new expanded services, is now able to use artificial intelligence (AI) to accelerate contract digitization and processing. The upgrade will also record royalties with greater speed, visibility, and transparency, all of which leads to a reduction in processing time on the platform.
The upgrade will foster enterprise integration
The year had witnessed a lot of cryptocurrency platforms, networks and exchanges upgrading their products and services. The upgrades and innovations witnessed had been credited to the overwhelming attention the Blockchain platform is receiving amidst flocking in of investors into the cryptocurrency space.
In a press release by EY Global Leader, Paul Brody, he hailed the development and said that cryptocurrency could be the bridge that digitizes interaction between enterprises. Paul believes that innovations like this will help foster the bar for enterprise integration.
Microsoft continues to adopt Blockchain Technology
The Technology company continue to show its support for Blockchain Technology as it ranked as the top Blockchain-as-a-Service provider by researcher ABI in 2018. The IT company even launched its reward program with the launch of Azure Blockchain Tokens that were first reported early last year, as well as launching Azure Heroes, a rewards system featuring non-fungible tokens (NFT) that will reward blockchain developers. The move represents a big step towards blockchain adoption for the computing giant, as well as further promoting the NFT ecosystem that has bloomed in recent years.
The Xbox enterprise blockchain platform is a collaboration of tech giants Microsoft and professional services firm, EY. It uses AI to create contracts faster, integrates statements and invoices with existing ERP applications, and incorporates compliance standards to function as a financial system of record. It is capable of processing two million transactions per day, according to Microsoft.