One of the World’s Largest Telecommunications Companies Will Use Blockchain App
Nippon Telegraph and Telephone, detailed how the contracts will be safely saved into the app. The contracts will be saved on the blockchain - based app using encryptions in a decentralized fashion which makes the verification process easy. This will eliminate the need for centralized operations.
Nippon Explains How System Works
Any party mentioned in a contractual agreement can create a new agreement. This will be linked to a chain’s block
According to a document issued by the company, the blockchain app is used as proof that a contractual agreement took place between several parties.
Any of the parties of an agreement can create a new contracts transaction that will be automatically linked to the original transaction. The new transaction will go back to the contract issuer for approval (at which stage the chain will be closed).
After the chain is closed, the contract will be verified on the blockchain through a contract’s verification tool that authenticates the electronic signatures used in the new contract.
Nippon explained that the system is simply a tool that keeps one electronic signature for each transaction to maintain its integrity
Nippon, the world’s fourth-largest telecommunication company valued at 94.2 Billion US Dollars. And, it announced in a press statement that rising technologies like blockchain were creating intense demands in the ICT field.