Blockchain is a decentralized record-keeping system managing transactions through a peer-to-peer network of computer nodes. It is designed to be transparent, making information secure and resistant to modification. Each transaction is added to a "block," linked to the previous block in chronological order forming a blockchain.

With blockchain, instead of relying on a central authority like a bank or government, a peer-to-peer network allows each participant (or "node") to have a copy of the entire blockchain. This makes the system more resilient and less prone to single points of failure. The system is also visible to all participants, which ensures transparency and accountability--anyone can verify transactions and track the history of assets or information stored on the blockchain.

The system is safe: blockchain uses cryptographic techniques to secure transactions and control access to the network; once a block is added to the chain, altering or tampering with the information stored in it is extremely difficult. Furthermore, any transaction recorded on the blockchain becomes a permanent part of the system.

Blockchain technology can revolutionize many industries and transform the way we conduct transactions, exchange information, and establish trust. It has already been seen in financial services, enabling faster, more secure, and cost-effective transactions. In supply chain management, blockchain can increase transparency, traceability, and efficiency by recording every product cycle step. This can help fight counterfeiting, ensure fair trade, and optimize supply chain logistics.

There are a multitude of possible uses for blockchain technology. NTT is proud to be contributing to an entirely new one.

The company recently conducted the world's first verification experiment of a blockchain-based wireless access-sharing technology between individuals. This opens the possibility of allowing anyone to access any local wireless network via a one-time contract. The technology includes sharing local wireless access between individuals and combines blockchain and wireless access technology to create a highly efficient network. This can potentially reduce facility costs and power consumption by reducing the amount of local wireless equipment installed.

Wireless traffic is estimated to increase by approximately 80 times by 2030 relative to 2020, which raises concerns about congestion and connection failures. It will be vital to secure resources for processing all wireless traffic. One way to do so would be to install more network base stations. Doing so would be expensive, however. Therefore, it is essential to effectively use all existing network resources, including private wireless access systems such as wireless LAN and local 5G owned by individuals and companies.

Until now, wireless access sharing has had the barriers of providing incentives to wireless access providers, ensuring security about sharing and reducing costs incurred in system construction. NTT's proposal could increase income for providers of wireless facilities through sharing and reducing wireless-facility investment costs, power consumption, and radio-wave interference via a one-time contract.

Achieving local wireless access sharing between individuals requires conformance with laws and regulations dealing with facility sharing. NTT plans to make this possible via web3, or the decentralized web, and help to create a more open, secure, and decentralized online ecosystem by incorporating blockchain technology, decentralized applications, and peer-to-peer networks.

For further details on NTT's blockchain development, go to https://group.ntt/en/newsrelease/2023/04/26/230426a.html.

NTT--Innovating the Future