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Accenture has created a prototype of a new capability that enables blockchain technology to be edited under extraordinary circumstances to resolve human errors, accommodate legal and regulatory requirements, and address mischief and other issues, while preserving key cryptographic features. The prototype represents a significant breakthrough for enterprise uses of blockchain technology particularly in banking, insurance and capital markets.
The invention is designed for permissioned blockchain systems, which are managed by designated administrators under agreed governance rules. The invention is not designed for permissionless systems, like the cryptocurrency system supporting Bitcoin, which is open and decentralized and where the absence of a single governing authority makes absolutely permanent, or immutable, recordkeeping vital.
As we focus on new uses for blockchain technology beyond the realm of cryptocurrency, absolute immutability will become both a virtue and a vice, said Richard Lumb, group chief executive Financial Services at Accenture. For decentralized cryptocurrency systems, such permanent...