Absolute Immutability Will Slow Permissioned Blockchain Progress
In a permissionless environment like bitcoin, absolute immutability is one of blockchain's greatest strengths. For those who only believe in the permissionless mode of blockchain solutions, there is no need to discuss alternatives. But as industries explore new uses for blockchain beyond cryptocurrency and permissionless systems, there will be situations when that same immutability could make it difficult for the technology to advance. For decentralized cryptocurrency systems, immutability has been crucial in building trust between parties and faith in the system, and that has resulted in....
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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,....
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....
In many recent articles, Bitcoin Magazine reported the trend toward private, "permissioned" non-Bitcoin blockchains, supported by Accenture and Digital Asset Holdings CEO Blythe Masters, among others. Permissioned blockchain developments for banks and financial operators have been started by giant Swiss bank UBS, Bitcoin exchange itBit and more. Permissioned blockchains would offer the advantages of digital currencies powered by public blockchains - fast and cheap transactions permanently recorded in a shared ledger - without the troublesome openness of the Bitcoin network where anyone can....
It seems that private networks of different blockchains are becoming very popular these days. The permissioned blockchain platform SETL has been making headlines recently with its ability to process 1 billion transactions per day. The firm, headed by SETL.io CEO Anthony Culligan, says that permissioned blockchains like his team’s project are the....
Major banks and mainstream financial institutions are warming up to the blockchain technology that powers Bitcoin, and launching internal experiments and pilot projects to find out how they can use the blockchain. However, most banks frown at the chaotic anarchy of public "permissionless ledgers" like the Bitcoin blockchain, where any individual anonymous user can join and contribute hashpower to verify transactions without having to ask anyone's permission. Instead, they would prefer "permissioned ledgers" owned and by the banks, which can be operated only by vetted players. Think of....