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Microsoft and Ernst & Young LLP (EY) have announced plans to use a blockchain platform to allow Microsoft’s Xbox gaming partners, artists and content creators to track and manage payments and royalty contracts.

Announced Monday, the companies said this will be one of the largest implementations of a blockchain-based financial system for accounting that will manage Microsoft’s end-to-end process for rights and royalties to its Xbox gaming partners.

For the creation of new contracts, Microsoft will be using artificial intelligence powered by Microsoft Azure, which allows digitizing contracts.

The blockchain application for payments and contracts has been tested – it has been through the “soak testing” stage used to measure the performance of a software application under a huge volume; findings showed it is capable of processing two million transactions per day, according to the statement.

“In this go-live, we successfully generated the first round of partner payments utilizing blockchain and smart contract technology,” said Luke Fewel, general manager of global finance operations at Microsoft.

The platform will streamline financial and operational processes with the ability to scale, reduce heavy manual overhead and improve the experience for Microsoft’s gaming partners, Fewel said.

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