American consulting firm has designed a method to edit the block chain.
The banking sector continues making randomized studies regarding to blockchain since this system is establishing itself as the new security and data management. But it should be really learned to look a little to the future and determine how this technology will affect mainly the financial world. The topic about block chains has not ceased to be news because it seems that when a giant takes the first step to work with this, others join.
The block chains in a palpable fact will have the ability to change the relationship of the people with the digital world. But what if the traditional pattern of the Blockchain work could be edited? As we know, the block chain is known in a particular definition as a record of all transactions taking place “packaged” into blocks that miners (computers/chips) are responsible for verifying.
Following the same vein, the consulting firm Accenture has introduced a bill to patent a method of editing blockchain published data which goes against this technology. The promoters of the initiative justify its development in the need to adapt the blockchain in the financial sector, and exemplifie mistakes as selling the same title to two people, something they should be able to fix when it happens. The blockchain in its natural state would not allow this correction modifying an already published record has highlighted the website Media – tics.
The system Accenture, where the Professor Giuseppe ateniese is involved (researcher at the “chameleon hash”; the technology that supports digital signatures) is based on a blockchain model with permits that require the express invitation from another user (perhaps an administrator). The original model does not require permits, but is open to any new entrant. In fact, a blockchain project does not have a central authority that controls it, something that the Accenture patent would introduced for the first time.
This movement has angered lawyers and blockchain users, understanding that the financial sector would be taking the first step to change a technology that precisely has jeopardized all the traditional monetary system, said Media – tics.
According to studies by Accenture, the blockchain has begun a growth stage that will culminate in 2025, the year in which this technology will be fully integrated into the financial markets. According to their study, blockchain has already exceeded the exploration phase and is in a period of “early-adoption”: only players with great potential are implementing blocks chains in some interest areas. This period will also be developed during 2017, it will be arriving in the first regulations on blockchain.
The next phase will be opened in 2018 and could last until 2024, according to the estimates of the US consulting firm. During that period banks that implement the blockchain now will begin to see results. Accenture also estimates then the birth of new services based on block chains; technology that finds numerous benefits (speed, transparency or risk limitation), but also some danger (privacy, security, scalability, implementation and governance).
Source: Media – Tics
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