Nippon Telegraph and Telephone is developing a new system for storing contracts and user agreements based on the distributed ledger technology (DLT). The Japanese telecommunications giant has already submitted an application to the U.S. Patent and Trademark Office.
The company plans that blocking will exclude the possibility of counterfeiting contracts. Documents will be encrypted and placed into decentralized repositories using their technology.
DLT will act to prove the conclusion of a contract between several participants. At the same time, a contract may be a sales contract, a transfer agreement, an application or any other agreement concluded between several participants.
WHY IS IT IMPORTANT?
1. The Nippon Telegraph and Telephone company is confident that DLT systems are required to be used in information and communication technologies because of the safety they provide.
2. Another telecom firm, Huawei, has filed a patent application for a copyright protection system. Blockchain should record all information related to verification.
By Ekaterina Ulyanova