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Accenture Breaks Blockchain Taboo With Editing System by spinoff: 8:21pm On Sep 20, 2016 |
Accenture is challenging a defining
feature of blockchain, its
immutability, by patenting a
system that will allow data
processed and stored using the
technology to be edited.
The consultancy said on Tuesday
data would only be edited under
"extraordinary circumstances", in
order to resolve fat-finger-type
human errors as well as to meet
legal and regulatory requirements
and address wrongdoing.
Blockchain users were quick to
criticize Accenture's move, which is
the latest investment by the
financial services industry in the
nascent technology, which
promises to cut costs, reduce
settlement times and increase
transparency.
The original blockchain
underpinning digital currency
bitcoin is kept secure by data
being shared across a global
network of computers, which are
incentivized by competing to win
new bitcoins in a system know as
"mining".
But while there have been worries
about its irreversibility, some
technologists argue that it is a
feature that makes blockchain
unique and that without it, the
term becomes meaningless.
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"An editable blockchain is just a
database. The whole thing about
blockchain is that it's immutable,
so this just defeats the object.""
Gary Nuttall, founder of blockchain
consultancy Dislytics, told Reuters
at a blockchain conference.
Because so-called "permissionless"
blockchains like bitcoin's have no
centralized authority, it is essential
that transactions cannot be
tampered with.
But Accenture said its prototype
would be for the private
"permissioned blockchains" favored
by banks, which would have
designated administrators who
manage the network under agreed
governance rules.
"For financial services institutions
faced with a myriad of risk and
regulatory requirements, absolute
immutability is a potential
roadblock," said Richard Lumb,
Accenture's group chief executive
for financial services.
Under the new system, data would
not be editable by all users of the
system, just by designated
administrators.
"We can preserve the strength of
the original blockchain while
making it even more useful," said
Giuseppe Ateniese, a leading
cryptographer and professor of
computer science at The Stevens
Institute of Technology, who filed
for the new patents with
Accenture.
"Unlike a traditional database, our
solution is compatible with current
blockchain frameworks and works in
a decentralized and accountable
environment," he added.
(Editing by Alexander Smith) |
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