Japan’s Telecom Company NTT Looks To Distributed Ledger Technology For Contract System
According to a recently filed patent application, Nippon Telegraph and Telephone (NTT) might be planning to introduce new contracts agreement system based on distributed ledger technology. NTT, which is one of the leading telecommunications companies in the world, has revealed that the application will be used to store contracts while the contained documents are tamper-proof.
As mentioned above, the platform will use blockchain technology to encrypt the contract and decentralize the storage.
The patent document states that the solution will rely on the blockchain database as the proof of agreement made between several parties. In this case, a contract refers to a sales transaction transferring of assets, or a general agreement made among two or more individuals or groups.
The patent further explains that the system will have an instrument designated to verify the authenticity of agreements. This tool will conduct this process by comparing the public keys at both of a specific transaction.
Currently, NTT is valued at $96 billion and the company announced last year that upcoming technologies are complicating the ICT sector.