Ever since the beginning of the launch of the cryptocurrency industry, it managed to gain a lot of recognition and popularity among the masses. However, before the year 2015, the cryptocurrency industry was just following the typical path. Which was that all it required from the investors and users was to mine or exchange cryptocurrencies through the crypto-exchanges.
The turning point in the cryptocurrency industry came when Vitalik Buterin founded Ethereum (ETH) in the year 2015. The launch of Ethereum (ETH) revolutionized the entire cryptocurrency industry. It not only followed the old crypto-traditions but also introduced a lot of new products.
One of the major benefits Ethereum (ETH) provided the users was the ability to create and introduce their own cryptocurrencies. In a matter of 5 years, the Ethereum (ETH) blockchain and its ability to co-exist with new crypto-assets have played a key in the number of cryptocurrencies exceeding 2,000.
Another very useful product Ethereum (ETH) has offered its users is the option of developing and introducing their own applications. As these applications also operate in the blockchain network, therefore, these apps have been dubbed as ‘Dapps’.
In a matter of 5-years, the Ethereum (ETH) industry has spread its network beyond the crypto-space. Now it has managed to gain the attention of the world’s largest companies that are eager to adopt the Ethereum (ETH) blockchain technology. Many world-renowned companies from around the world are now making use of blockchain technology to solve business-related challenges that are hard to solve.
Just recently, Microsoft which is one of the largest tech giants alongside Ernst & Young announced their plans for the Ethereum-Blockchain adoption. Microsoft announced that it will adopt the Ethereum (ETH) blockchain technology on a wider level. The main focus for the technology giant is currently around the advancement and growth of its royalty management and gaming rights.
Following to the announcement made by Microsoft, one of the blockchains leads at EY ‘Paul Brody’ also confirmed what they are currently working on. He confirmed that Microsoft is currently conducting the testing for its particular blockchain solution through a private Quorum Network. He confirmed that the Quorum Network is based on the Ethereum (ETH) blockchain network.
Brody also provided more visibility as to what the testing will be about and which sectors it would have an impact over once launched. He stated that the services it would provide would include payments, recording system for royalty agreements in the financial system. It would also allow Microsoft’s blockchain the ability to record the creation of contracts.
Furthermore, it would all reconciliation of transactions, which would be associated with gaming rights.
It has been confirmed that the introduction of Microsoft’s new blockchain-based network would allow it to track payment processing and management of the royalty contracts.