Japanese telecommunications giant Nippon Telegraph and Telephone is developing a new system to store contracts and user agreements based on blockchain technology. This writes CoinDesk.
The patent application was published on the website of the Office for patents and trademarks of the United States.
According to the developers, the new system will eliminate the possibility of forgery of contracts. Thanks to blockchain, the documents will be encrypted and placed in decentralized storage.
“The invention uses the blockchain as evidence of a contract between several parties. The contract may be a contract of sale, the assignment agreement, the application, or, in General, a document describing the contents of the contract concluded by two or more participants”, — stated in the patent application.
All parties to the agreement attach links to the main “transaction agreement”, which in the end returns it to the initiator.
Also in the patent application described “device verification agreement”, which checks the correctness of the contract in the blockchain using public encryption keys.
Note that the development of such a system in March announced the Huawei group. The development of Chinese companies should help in the protection of copyright.