Published on July 20th, 2018 | by bitcoin0
A Japanese Telecom uses Blackhawe to store large contracts
Japanese telecommunications giant Nippon Telegraph and Telephone (NTT) may be looking to invent a new contract agreements system based on blockchain technology, according to a patent application published Thursday.
The world’s fourth-largest telecom provider details how it could use the application to store contracts without allowing for documents to be tampered with.
As outlined, the system would use a blockchain to both encrypt the contract, as well as store it in a decentralized manner, which can simplify the process by which it is verified by removing the need for a centralized management system.
The “receiver of a transaction on an issued contract” would generate a new transaction able to be linked to an original “contract transaction,” written on a block in the chain.
The document explains:
“The present invention uses a blockchain as evidence of a contract made among a plurality of parties.