Blockchain coming to Japanese Telecom Giant Nippon
Horizon Communications is not the only Telecom looking at the strength of blockchain technology.
Japanese telecommunications giant Nippon Telegraph and Telephone (NTT) has mentioned that it is looking at inventing a new contract agreement system that is built on blockchain technology, a patent application released on Thursday said.
Nippon Telegraph and Telephone (NTT) is the world’s 4th largest telecommunication provider and over the years, the organization has embarked on various technological innovations to enhance its services. Recently, the telecom provider highlighted how it could use the blockchain application to store contracts in a safe and secure manner, without allowing the files to be interfered with.
According to the organization, the system would utilize a blockchain to encrypt the contracts and also store them in a decentralized method. This is believed to help simplify the process of verifying contracts by eliminating the necessity for centralized management. Based on the implementation of the invention plan, a receiver of a transaction on the issued contract would be able to generate a new transaction which can be linked to an original contract transaction.
The document released enumerates that the current invention uses a blockchain as confirmation of a contract made among plurality of parties. A contract in this context refers to sales contract, an application, a consent agreement, a deed of transfer, or such like. It is a document that describes the content of a contract made among two or more people or bodies. This contract is viewed as a legal document that is binding on the parties involved.
All the parties that wish to be involved in the contract would link transactions to this primary virtual ‘contract transaction’ that would ultimately be returned to the ‘contract issuing party to seal the chain of transactions’.
As soon as the contract is sealed, the patent elucidates that there will be a contract verification apparatus to ensure that the confirmation of the contract on the blockchain is accurate. This is done by comparing the public keys utilized for the electronic signature at the beginning of the blockchain with the exact ones utilized at the end.
According to Nippon Telegraph and Telephone (NTT), the whole system is a simple method to maintain the mode of an electronic signature per single transaction, as well as sustain credibility. It is of import to mention that the use of blockchain for business transactions is gaining wide acceptance within the information technology industry today. The steps being taken by NTT to incorporate blockchain usage in the storage of contracts is indeed a clear indication of this acceptance.
Being the 4th largest telephone operation provider in the world with a business valuation quoted at $94.2 billion by the Michigan TechNews, NNT did states in a press release that emerging technologies like blockchain are making the information and communications technology requirements more intricate.
Gilbert A Darrell is the Founder of Horizon. He has 18 years experience in information technology and telecom solutions, a veteran in Fire and EMS Services, a crypto enthusiast and a member of the Bermuda Government’s Cryptocurrency Task Force.
Horizon Communications is an upcoming fixed wireless internet and cellular service provider looking to provide services in Bermuda, the Caribbean, and Central America before expanding internationally.
While utilizing 4th generation and soon 5th generation wireless technology, it will also heavily incorporate blockchain and cryptocurrency technology, one of the 1st ISP’s in the world to do so and the 1st to tokenize their services using an Initial Coin Offering (ICO).
More information can be found on their website — www.HorizonComm.co
