Blockchain technology has been designed to provide immutable records. One information is stored on the blockchain and validated by nodes; there is no turning back. Accenture, a company, looking into private blockchain development, announced their editable blockchain for enterprise systems. By name, it defeats the whole point, but what does it even do?
A Different Type of Blockchain-Database Hybrid
When the announcement by Accenture was made regarding their editable blockchain, a lot of people were confused. A blockchain is, by definition, a solution to the database problem, which also creates immutable records. However, the financial sector has been worried about this aspect, as they worry human error can’t be fixed if its logged on an open blockchain.
This is why companies such as Accenture are exploring private and permissioned blockchains. While they still offer immutability – in most cases – they can also be tweaked to customers’ needs. The company’s new feature allows blockchains to be edited “under extraordinary circumstances.” For example, fixing a human error, address mischief, and accommodating regulatory requirements are considered “extraordinary circumstances.”
Accenture Financial Services Group Chief Executive Richard Lumb stated: