Nippon Telegraph and Telephone (NTT) is a Japanese telecommunications company based out of Tokyo, which is developing something very interesting with blockchain technology. Japan has wholeheartedly accepted this new technology and is integrating it in various sectors around the country. Which is why new blockchain projects such as these, are undertaken daily.
NTT plans to develop a new blockchain based contract agreements system, and to that effect, they have filed a patent too. What they aim to do is to store contracts with the help of the application, but without leaving any room for tampering of documents. The contract will be encrypted and stored in a decentralized manner with the help of this application, thereby making it easier to verify the contract.
The patent filed explains: “The present invention uses a blockchain as evidence of a contract made among a plurality of parties. A contract here refers to a sales contract, a deed of transfer, an application, a consent agreement, or the like, and is a document describing the content of a contract made among two or more individuals or bodies.”
So the stakeholders and parties involved in the agreement would trace their transactions back to virtual “contract transaction” that would then be returned to “the contract-issuing party to close the chain of transactions.”
The document clarifies that once the deal is closed; there would be an “agreement verification apparatus” to verify that the evidence of the contract that exists on the blockchain is right, by juxtaposing the public keys that are used for electronic signature in the beginning of the blockchain with the ones used at the end.
Nippon Telegraph and Telephone, define the system as “a simple method… maintaining the mode of one electronic signature per transaction, and maintaining credibility.”
Just last year Nippon Telegraph and Telephone had announced that technologies like blockchain which are new in the market were complicating the needs of the information and communications sector.