Accenture Executives Propose Replacing Bitcoin with a Closed Blockchain


Writing on CIO Journal, a Wall Street Journal blog for corporate technology executives, Owen Jelf and Sigrid Seibold , respectively global managing director of Accenture’s capital markets practice and managing director of Accenture’s digital capital markets efforts, weigh in on the fashionable debate about the blockchain as a system vs. bitcoin as a currency.

Not surprisingly, the two Accenture writers propose to do without bitcoin as a currency, but they are bullish about the potential of the blockchain in financial markets.

“Blockchains present an enormous opportunity for the world’s banks and financial institutions, which have moved quickly to make investments in it,” they say.

Accenture, a Fortune Global 500 company, is the world’s largest consulting firm as measured by revenues and has scores of high profile clients in the banking, financial and regulatory sectors.

“The bitcoin protocol supports a highly decentralized currency validated through anonymous consensus on a public ledger held by entities around the world,” note the Accenture representatives. “But that objective introduced trade-offs, including a costly proof-of-work algorithm, public transaction data and a validation scheme that adds latency to the transaction process, by design.”

Bitcoin enthusiasts would disagree, and

Read more ... source: TheBitcoinNews