Accenture Directors: Blockchains Must Move Beyond Bitcoin
The idea that bitcoin's underlying distributed ledger technology can somehow be divorced from bitcoin's digital currency has been the subject of debate for some time, and was again the focus of a new article written by directors at technology consulting firm Accenture. In a new post for CIO Journal, Accenture managing directors Owen Jeff and Sigrid Seibold offered their thoughts on how institutions can begin leveraging the technology in "corporate environments" and "financial marketplaces". Jeff and Sigrid asserted that, due to the high cost of paying for transactions that require....
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Multinational technology service company Accenture has advocated the separation of Bitcoin from its distributed ledger technology, the blockchain. According to a journal, jointly penned by the company's managing directors Owen Jelf and Sigrid Seibold, the blockchain's association with its native digital currency is somewhat effecting its adaptability in corporate environments and public financial marketplaces. The post has neatly criticized blockchain for supporting anonymous consensuses which, as per the Accenture's directors, heavily rely on "costly proof-of-work algorithm, public....
Global professional services group Accenture has announced a prototype that they call an “editable blockchain.” The firm says the concept addresses immutability concerns and the right to be forgotten laws. Accenture Editable Blockchains Preferred By Banks. Last week, an executive from Accenture described Bitcoin’s immutability as a weakness. Now, the....
Accenture has debuted a new blockchain-focused hardware solution for storing private keys. The professional services firm partnered with Thales, a French company that works in the fields of cyber security, aerospace and defense, to develop the solution. It relies on hardware security modules (HSMs) to store the private keys – pieces of digital information that are used to sign blockchain transactions – in a bid to shore up security around enterprise-facing blockchains. Specifically, the Accenture solution relies on the nShield HSM product developed by Thales. In statements, Accenture....
Writing on CIO Journal, a Wall Street Journalblog for corporate technology executives, Owen Jelf and Sigrid Seibold, respectively global managing director of Accenture's capital markets practice and managing director of Accenture's digital capital markets efforts, weigh in on the fashionable debate about the blockchain as a system vs. bitcoin as a currency. Not surprisingly, the two Accenture writers propose to do without bitcoin as a currency, but they are bullish about the potential of the blockchain in financial markets. "Blockchains present an enormous opportunity for the world's banks....
A new report from Accenture posits that large investment banks could cut operational costs by as much as $12bn annually by implementing blockchains in their business. Released today, the report (co-written with benchmarking consultancy McLagan) focuses on the kinds of cost savings investment banks could potentially achieve through use of the tech to streamline various office functions. Financial reporting expenses, for example, could fall by at least 70%, whereas compliance costs could drop between 30% and 50%, according to Accenture. Overall savings, the firm suggests, could be between....