Microsoft Xbox and EY worked together as one team to help deliver a transformation.Microsoft and EY teams’ joint capabilities and suite of digital solutions became a game-changer, helping Microsoft Xbox reduce the manual effort and the operational hours associated with processing royalties for publishers through automation of the royalties processing, starting to transition off the legacy system.
Smart contracts encode game creators’ IP rights
The first step in refreshing Microsoft’s legacy systems was to onboard royalty contracts onto blockchain in the form of digital contracts. The legal terms were then encoded in the blockchain network in the form of smart contracts. By opting in, industry participants can review and validate that onboarded digital contracts are the same as the royalty contracts in a confidential manner.
An automated solution that brings down operational costs
Building on the foundation of contractual transparency, the team focused on providing improved transparency to the game publisher for the royalty processing — a major pain point for Microsoft Xbox. The existing system of processing and distributing royalties was plagued by loads of reviews and tedious manual processes. Automation of the system sped up the process, reduced the effort and provided more transparency to participants, while at the same time maintaining a high degree of privacy and confidentiality between Microsoft and the game publisher. A user-centric interface adds a simple, well-designed interaction layer to the royalty distribution system for gamedevelopers.
Near real-time purchase records show game creators what they have earned
While smart contracts were used to accurately and transparently process the royalties for Microsoft Xbox’s partners, the next step was to securely and transparently share the information with them in near real-time, cutting access to royalties from 45 days to 4 minutes.
Providing near real-time access to data greatly improves the process’s effectiveness, and insights that lead to a more enriching experience for the partners,” Tim Stuart, Xbox Chief Financial Officer at Microsoft.
FAQs
It seamlessly connected these parties and enhanced their experience. The blockchain solution integrates closely with game creators to give Microsoft Xbox an infrastructure that helps them manage and reward game publishers and creators. Creators now have more trust in the process and can focus on creating new games.
Why is blockchain a game changer? ›
For one, blockchain technology is decentralized. Unlike traditional databases, which are typically controlled by a single entity, blockchain allows for multiple parties to participate in the network and verify transactions. This means that there is no central point of control and no single point of failure.
How is blockchain transforming the gaming industry? ›
Blockchain offers the gaming industry high levels of transparency and security for its transactions. The immutability, efficiency, and transparency of blockchain transactions make it difficult for fraudsters to game the system.
Why does gaming need blockchain? ›
Ownership of in-game assets
Using decentralized networks, blockchain games secure player assets via encryption and since these games don't live on centralized servers, it makes it more challenging for cybercriminals to hack player assets or tokens.
How is blockchain gaming different from traditional gaming? ›
Typically, traditional game models let you accumulate virtual items, skins and in-game currency. However, game developers own and control these in-game assets, including your earnings. Meanwhile, blockchain gaming uses the technology's transparent and tamper-proof ledger to grant you ownership of your in-game assets.
How to use blockchain in gaming? ›
Video games can include elements that use blockchain technologies, including cryptocurrencies and non-fungible tokens (NFTs), often as a form of monetization. These elements typically allow players to trade in-game items for cryptocurrency, or represent in-game items with NFTs.
Is blockchain gaming the future? ›
The Future of Blockchain Gaming: Revolutionizing the Industry for Tomorrow. The future of blockchain in the gaming industry looks bright. With more and more businesses exploring blockchain technology, we can expect to see more games and platforms that use Blockchain in the future.
How does blockchain help game creators? ›
A transparent blockchain ecosystem that empowers creators
The blockchain solution integrates closely with game creators to give Microsoft Xbox an infrastructure that helps them manage and reward game publishers and creators. Creators now have more trust in the process and can focus on creating new games.
Which blockchain is best for gaming? ›
Top Gaming Blockchains Coins Today By Market Cap
| # | Name | 24H |
|---|
| 1 | Immutable ( IMX ) | +12.20% |
| 2 | Beam ( BEAM ) | +5.97% |
| 3 | Ronin ( RON ) | +2.07% |
| 4 | Echelon Prime ( PRIME ) | +0.61% |
11 more rowsThe global blockchain gaming market size was valued at USD 128.62 billion in 2022 and is projected to grow from USD 154.46 billion in 2023 to USD 614.91 billion in 2030 at a CAGR of 21.8%. North America dominated the global blockchain gaming market share of 23.87% in 2022.
A blockchain gaming ecosystem is a platform that features multiple games, native tokens, a marketplace to trade NFTs, a wallet, and NFT creation capability. It enhances the trading experience and integrates it with gaming. Such a comprehensive ecosystem eliminates all the middlemen.
What are the benefits of gamification in blockchain technology? ›
Crypto gamification injects genuine value and excitement into loyalty programs, moving beyond traditional points models:
- Asset-Based Rewards: Loyalty rewards become tradable NFTs instead of abstract points. ...
- Unlocking Real Utility: NFTs can tie into exclusive events, early product access, or real-world benefits.
Some games require players to buy digital assets before they can play. The risks in crypto gaming include scams and hacks, value fluctuations, and sending tokens to the wrong wallet.
How blockchain is a game changer? ›
Blockchain's ability to provide a transparent and immutable record of transactions makes it ideal for supply chain management. By tracking the movement of goods and verifying the authenticity of products, blockchain enhances traceability, reduces counterfeiting, and improves overall supply chain efficiency.
What is an example of a blockchain game? ›
These blockchain games are at the heart of the crypto gaming world. The main idea is for players to collect certain assets or characters in order to develop them and increase their value. A great example is the Ethereum-based blockchain game CryptoKitties, where players train and trade kitties.
Can blockchain drive the gaming industry to full decentralization? ›
Furthermore, blockchain technology has catalyzed the emergence of decentralized gaming platforms where players can trade virtual assets securely and transparently.
Why switch to blockchain? ›
Without blockchain, each organization has to keep a separate database. Because blockchain uses a distributed ledger, it records transactions and data identically in multiple locations. All network participants with permissioned access see the same information at the same time, providing full transparency.
What are the disadvantages of blockchain games? ›
However, the current limitations in blockchain scalability pose significant hurdles in adopting this approach. Building a blockchain game exclusively through smart contracts is challenging due to the computational and latency demands inherent in video games, which existing blockchains struggle to meet.
What blockchain game means? ›
DEFINITION. A blockchain game is any game that uses blockchain technology to enhance or rearchitect traditional video games. The natural synergy between video games and Web3 is readily apparent.
Is blockchain gaming legit? ›
Games using blockchain technology give players a viable way to earn money while they play. Play-to-earn games like Axie Infinity let players breed and train NFT creatures they can sell for cryptocurrency. Although most players won't get rich, this earning potential is attractive for those who love gaming.
