Accenture Exec Says Bitcoin Immutability Is a Flaw, Not a Virtue

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....

The blockchain’s immutability, one of its greatest strengths, could also prove to be one if its greatest limitations, given the need to reverse certain activities in financial services, argues Richard Lumb, an Accenture executive, writing in The New York Times. Lumb noted the bitcoin blockchain’s immutable record clashes with evolving privacy laws, such as newly-proposed European Union laws. He also noted that new laws in the U.S. require personal financial data to be easily redacted. He says immutability is becoming a serious blockchain technology issue, one also raised by the recent....

Accenture has patented a new system that can be used to edit the seemingly immutable blockchain entries. Accenture is redefining the concept of Blockchain. The tech services provider has recently patented a system which can be used to edit the blockchain entries. The latest development was reported by one of the leading news media outlets. In the report, Accenture’s group chief executive for financial services Richard Lamb was quoted saying: “For financial services institutions faced with the myriad of risk and regulatory requirements, absolute immutability is a potential roadblock.” With....

A once-in-a-generation opportunity to upgrade our defenses against financial fraud is under attack. The immutable ledger, at the heart of bitcoin and blockchain technology, prevents bad actors from changing the record. Accenture has patented a new type of blockchain that allows pre-selected parties with access to the ledger to edit entries, claiming its prototype will be more attractive because it will allow information to be changed or deleted. Bitcoin and its technological innovation – a blockchain – have been heralded as the cure for what ails our antiquated financial infrastructure. I....

Immutability! It's the buzzword that magically transforms a simple database into the next milliondollar VC fundraise. However, most of the projects that advertise this feature are not being entirely honest about just what kind of immutability they're offering. And it's becoming increasingly clear that nearly all of these claims are at best, hyperbolic. So what is immutability? Immutability is the feature of a blockchain that persists data forever, free from censorship and despite the disincentives to do so for some period of time. Typically, "forever". Prior to blockchain,....