Blockchain contract patent for the Japanese telecom giant
As India waits for the verdict of the Supreme Court regarding its fate in India, the other countries are battling their own issues with crypto currency. United States of America has been advised against the crypto currency by the Federal Reserve in spite of the different positive opinions that were received from the market about crypto currency. Moreover, there has been a widespread suspicion in the crypto currency industry regarding the ICOs. Japan, after a major scam on its land, has decided to tighten the laws of crypto currency and its agency, FSA, has cracked down on various exchanges in the market, it has altered the paths for several ambitious crypto currency projects.
However, that has not dulled the enthusiasm of several pioneers in its markets. The latest example of this is Nippon, the telegraph and telecom giant of Japan, which has issued a patent for using the block chain technology to ensure the agreements of contracts. However, there is a problem with this sort of a change and that is the only evidence furnished by the contract is that of the presence of the sender and there are no specifications regarding the receiver in the transaction. The patent has also suggested a simple solution to this problem and that is to bring in all the signatures of the involved parties in on transaction. To elaborate, it states that the digital signatures of the involved parties can be left in one transaction, thus suggesting a new way of going about things.
This is not the only giant in the field to come up with suggestions for the improvement of blockchain, opinions are also streaming in from several other companies in the market, all of them prominent figures in the economic sector, for example, MasterCard.
It has also been found that the sector of blockchain can come to be of great advantage to the telecom sector in the coming years. It can be believed that in the future, telecom sector will generate immense profit because of block chain technology, as of now, it can be anticipated that the patent by the telecom giant will make the lives of several traders easier. Moreover, it will also ease the journey of this new kind of technology in the regular sphere of human lives, several corporate leaders are putting forward patents which would see to it that in the long run, crypto currency might take up a lot of space occupied by the traditional currency.