Accenture’s “Editable Blockchain” Prototype Draws Criticism
As Accenture files a patent prototype that would allow changes to be made to the blockchain in ‘exceptional circumstances’ the consultancy firm has come under criticism. Earlier this month, Richard Lumb, global head of financial services at consultancy firm Accenture, wrote a column in the New York Times discussing the immutable ledger of transactions through the blockchain. According to Lumb, while the permanence of the blockchain has been vital in building trust among the people who use it, its usefulness can be limited in financial services. Lumb adds that the blockchain technology....
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Coinkite co-founder and CEO Rodolfo Novak heavily criticized the multi-billion dollar research firm Accenture’s newly designed Blockchain concept “Editable Blockchain,” by questioning the cryptographic basis and mathematical fundamentals of the invention. Earlier this week Accenture patented a technology the company calls an “editable Blockchain,” which enables enterprise-grade platforms and banks to create private Blockchains which grant access to central administrators for regulation purposes. An administrator of the Accenture editable Blockchain network would essentially have the....
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....
Global professional services and consulting giant Accenture has developed a prototype that will enable a central administrator to edit – even expunge – a record on a private blockchain. In an announcement today, Accenture said it has created “a prototype of a new capability” that will allow one or more designated administrators to edit, rewrite and remove blocks from a permissioned blockchain, without breaking the chain. Patent applications for the prototype’s invention have been filed in the United States and the European Union, by the firm and co-developer Giuseppe Ateniese, a professor....
In a surprising turn of events, Ripple’s XRP is up 140% this week, making it the biggest top ten gainer of the past seven days. There’s no denying that XRP is a divisive token that draws criticism on multiple fronts. Recent blasts include the uncertainty bought about by the SEC’s indecision over XRP as a […]
Benjamin Lawsky, who recently stepped down from his post as NYDFS chief, has drawn a lot of criticism for his BitLicense framework. This set of rules is designed to oversee the operations in the digital currency industry and requires companies to secure licenses before proceeding with their product offerings. Much has been said about the additional costs entailed for securing regulatory approval for each bitcoin product offered in the New York state, as this would be a disadvantage for startup companies. Apart from that, critics also say that it requires too much information from companies....