Richard Lumb, the Group chief executive for financial services at multi-billion dollar research institution Accenture, believes that immutability, a characteristic of Bitcoin that is directly attributed to its wild success, must be reconsidered by the world’s leading financial institutions and banks before implementing blockchain technology.
Bitcoin’s underlying technology, the blockchain or distributed ledger technology, has swept across the financial sector since early 2015 as major banks and financial institutions began to establish “blockchain labs” and “research centers” to exploit its potential in the traditional financial industry.
Hundreds of millions of dollars have been invested into the technology and startups that are utilizing the blockchain technology to improve banking services. Although the industry has not a single working demonstration to show, Accenture executive Richard Lumb believes that immutability must be eliminated in creating blockchain networks.
Technically, if immutability is