Accenture Executive: Blockchain’s Immutability Its Own Worst Enemy
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....
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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,....
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