In modern technology, layers of innovation that are based on generally available concepts, in this case, Ethereum, is based on the concept of “not reinventing the wheel”. The technical base of this network is 4 components that are specific to this blockchain:
- Transaction Manager – allows access to encrypted transaction data for private transactions, manages local data store and communication with other Transaction
- Crypto Enclave – responsible for private key management and encryption and decryption of private transaction data.
- QuorumChain – voting-based, BFT-hardened consensus mechanism that utilizes core Ethereum features to verify and propagate votes through the network.
- Network Manager – controls access to the network, enabling a permissioned network to be created.
(Voell, Baldet, & Marchoini, 2016, p. 2)
It is these 4 items that make this blockchain stand out from the rest. The fact that EY (Ernst & Young) and Microsoft are behind this gives it near instant credibility. Digital Rights Management is a touchy subject for end users such as myself, but it’s here to stay. Whatsoever can brand transparency viable is a plus.
EY, the global leader in assurance, tax, transaction and advisory services, has partnered with Microsoft to launch a blockchain network for content rights and royalties management with an aim to streamline the costly and time-consuming processes in the media and entertainment industry. The blockchain network will encompass thousands of business partners and process millions of transactions per day once it is operational, making it one of the world’s largest enterprise blockchain ecosystems. The solution is designed to serve any industry where intellectual property or assets are licensed to other parties and where the creators are paid royalties based on royalty agreements (with calculations that are mostly done manually).
Voell, D., Baldet, A., & Marchoini, B. (2016, September 22). Hyperledger Desk. Retrieved June 21, 2018, from https://drive.google.com/file/d/0B8rVouOzG7cOeHo0M2ZBejZTdGs/view?usp=drive_web&usp=embed_facebook