Nippon Telegraph and Telephone (NTT), a Japanese Telecommunications giant, is on the verge of inventing new contract agreements based on blockchain technology.
The world’s 4th largest telecom-provider narrates how they could use the application to store contacts without allowing documents to be tampered with. As it is being outlined, the system would use blockchain to encrypt the contact and as well as store it in a decentralized manner. By this, it can simplify the process of verifying by removing the need for a centralized management system.
The “receiver on an issued contract” would be generating a new transaction that is able to link an original “contract transaction,” that would be written on a block in the chain.
Parties who would like to be involved in the agreement would be linking transactions to this primary virtual “contract transaction” that would be returned to the contract-issuing party in closing the chain of transactions.
Once it is closed, there would be an “agreement verification apparatus” in making sure that the contract in the blockchain is valid. It is done through comparison of public keys used for electronic signature at the beginning of blockchain with the ones used at the end.
The entire system is a simple method according to NTT because it only has to maintain the mode of one electronic signature for every transaction and maintain its credibility.
Being the 4th largest telephone operating company in the world, Nippon Telegraph and Telephone announced in a press conference last year, that the emergence of technologies like blockchain, were making information and communications technology needs an increased and complex one.