Japan's NTT Files Patent For Blockchain-based Contract Agreement Method

ntt july20

Japanese telecom giant Nippon Telegraph and Telephone or NTT has filed a patent for a blockchain technology-based new contract agreement method.

NTT, the world's fourth-largest telecom provider, explains the ways to use the application to store contracts without tampering documents.

In a document published by the U.S. Trademark and Patent Office or USPTO, NTT notes the invention relates particularly to a technique for leaving evidence of a contract agreed on between involved parties.

Eeach transaction forming a blockchain contains only the electronic signature of the sender, and the evidence of contract agreement by the receiver is not left in the transaction. A simple, possible way to solve this problem is to include the electronic signatures of all the involved parties in one transaction. Also to encrypt the content of a contract with a common key.

The document explains, "The present invention uses a blockchain as evidence of a contract made among a plurality of parties. A contract here refers to a sales contract, a deed of transfer, an application, a consent agreement, or the like, and is a document describing the content of a contract made among two or more individuals or bodies."

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