The largest telecommunication company in Japan, Nippon Telegraph and Telephone (NTT) intends to patent a system to store contracts and user agreements, based on the technology of the blockchain.
According to the project description, information about which is published on the website of the Office for patents and trademarks of the United States, the blockchain will be used to encrypt the contract and its decentralized storage. This will simplify the verification process and eliminate the need of centralized control.
According to the developers, the new system will eliminate the possibility of forgery of contracts.
«The invention uses the blockchain as evidence of a contract between several parties. It may be a contract of sale, transfer agreement, application or document describing the contents of the contract concluded by two or more parties», – stated in the patent application.
All parties wishing to participate in the agreement, linked transactions, the main «transaction agreement», which eventually returns it to the initiator.
The system involves the presence of «unit verification agreement», which checks the correctness of the contract in the blockchain using public encryption keys.