Thread by @OvrCldJonny

A few years ago, Big 4 accounting firm #EY and @Microsoft partnered up to create a blockchain-based solution to improve @Xbox's gaming partner rights and royalty management.

How did that go?

1/ The focus of this project was to automate and accelerate Microsoft's royalty payment process.

From contract creation to payment and reconciliation, Microsoft is better able to manage its relationships between game publishers.

2/ According to EY's report, Microsoft is now able to:

1) Digitize contract creation

2) Generate/integrate statements/invoices with #ERP apps and process/record royalties faster and more transparently

3/ 3) Create accounting entries from the blockchain platform into existing ERP apps, improving efficiency and accounting capabilities

4) Incorporate controls and compliance standards All these improvements reduce costs significantly.

All thanks to smart contract automation.

4/ All of these improvements led to a reduction of processing time by 99% percent and is capable of outputting 2M transactions per day.

What would take 45 days can now take a few minutes.

5/ Note that this was done on a private blockchain over two years ago as an experiment.

The hope is that these transactions are done on public blockchains in a private manner in the future.

6/ If you're interested in reading more about EY's project with Microsoft, they released an article about it here:

ey.com/en_us/news/202…

If you're curious to learn more about where enterprise blockchain is headed, be sure to check out my thread on how "enterprise blockchain" looks like in 2023:

https://twitter.com/OvrCldJonny/status/1625486030098014209