Accenture Awarded Patent For Blockchain Tech

Accenture Awarded Patent For Blockchain Tech

Accenture has reportedly been awarded a patent for the work on an "editable blockchain".Last year, the company showed interest in launching a perm

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Accenture has reportedly been awarded a patent for the work on an “editable blockchain“.

Last year, the company showed interest in launching a permissioned blockchain that would ask for permission to read the information on the blockchain.

“For example, Ripple runs a permissioned blockchain. The startup determines who may act as transaction validator on their network, and it has included CGI, MIT and Microsoft as transaction validators, while also building its own nodes in different locations around the world.”, as Coin Desk (coindesk.com) reported earlier.

This type of blockchain technology would allow parties to alter data in the event of errors or fraud, as the online media commented. The move gave rise to criticism coming from some experts in the field who questioned the idea.

“A blockchain is a great way to keep a record that you don’t ever want changed – this is the heart and soul of a trustless system – it is a feature, not a flaw.”, according to Brian Kelly, an investor and financial markets commentator who wrote an opinion for Coin Desk.

Still, Accenture is focused on creating the “editable blockchain”. David Treat, managing director at Accenture`s blockchain practice told Coin Desk:

“This invention adds to that set of options, particularly for on-chain data structures, and we’re excited about the patent approval. Our overall goal is to leverage DLT innovations to make the technology viable for enterprise IT use.”

Treat added that the company has just started working on the test technology. He hinted that the company could make the technology open-source.

“We have had strong industry interest and have had several requests to open-source the capability which we’re considering.”, as he said as quoted by Coin Desk.

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