Read a great story about your favorite cryptocurrency? Post it on CoinUpVote and we might write about it on CCN.LA ! 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 could also run into difficulties with other regulations such as the United States Fair Credit Reporting Act or the Securities and Exchange Commission’s Regulation S-P, which require personal financial data to be easily redacted. However, after Lumb said in the New York Times that Accenture was working with leading academics to create an editable blockchain prototype, and shortly thereafter reported that the company had taken steps to patent a system , he has come under criticism. Speaking to CCN , Dave Birch, director of innovation at Consult Hyperion, and considered one of the top ten most influential voices in banking, said the patent by Accenture was a clever mathematical trick to avoid having to recompute an entire blockchain. He added: Even if banks wanted an editable record of transactions, I’m sure that regulators would prevent them from using it. When asked what he thought of Richard Lumb’s statement that the permanence of the blockchain records has been vital in building trust, but can limit its usefulness in financial services, Birch said that Lumb was wrong. He stated: Banks don’t correct mistakes by rubbing them out — […]
