The company responsible however, Accenture, says edits would only be carried out “under extraordinary circumstances to resolve human errors, accommodate legal and regulatory requirements, and address mischief and other issues, while preserving key cryptographic features.”
Because Blockchain is effectively run by a network of unrelated computers, it produces a permanent ledger of transactions with which no one can tamper. Until now.
Accenture’s move to create an editing system will no doubt be viewed by some technology observers as a betrayal of what blockchain technology is all about. But the company insisted it is needed, especially in the financial services industry.
“The prototype represents a significant breakthrough for enterprise uses of blockchain technology particularly in banking, insurance and capital markets,” said Accenture.