NTT Filed A Patent For Using Blockchain

Łukasz Mirytiuk
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Blockchain technology is used in more industries everyday as it is a great way to record and store data that can’t be changed or hacked. Now, blockchain will be used in the telecoms industry.

Nippon Telegraph and Telephone (NTT) is one of the biggest telecoms providers. The fourth position in the world is held by this Japanese company by providing the most innovative solutions. Right now, NTT has filed a patent for using blockchain tech for contract agreement as you can read in U.S. Trademark and Patent Office (USPTO) release.

The basic problem with contracts on blockchain is that each transaction “contains only the electronic signature of the sender” as the “evidence of contract agreement by the receiver is not left in the transaction” as it is written in NTT’s patent application.

As you can read in USPTO release:

“A third feature of the present invention according to the second feature is summarized as the contract agreement method, in which based on whether the contract decrypted with the decryption key of the apparatus matches the contract to be agreed on, the apparatus of the issuing party checks identity of the contract to be concluded.”

In the patent there is a suggestion that the best solution for that problem is to include the “electronic signatures of all the involved parties in one transaction.” The basic goal of the project is to leave an evidence of a contract on a blockchain, the second goal is to “maintai[n] credibility” during that process.

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