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Monday, October 03, 2016

The Possibilities for Editing the Blockchain

This really struck me.  How?  To edit you must be about to syntactically interpret, but the Fortune article explains.

Why Accenture's Plan to 'Edit' the Blockchain Is a Big Deal
by  Jeff John Roberts  @jeffjohnroberts

Banks will like it. Purists not so much.

Blockchain is not just about money—it’s about ideas as well. That’s why a new plan to “edit” the blockchain, announced by Accenture on Tuesday, is causing a stir among fin-tech purists who see it as a betrayal of what the technology is all about.

A closer look at the Accenture news suggests the company’s invention, which it is trying to patent, is a big deal but not because of any philosophic debate over whether it’s okay to edit the blockchain. Instead, the news is significant matters because it’s another sign blockchain is becoming part of mainstream banking.   .... "

" ....  the notion of blockchain as “immutable” isn’t really true. Instead, anytime a critical number of people using a blockchain (typically a majority) want to rewrite the rules, they can agree to do so. .....    The other reason why Accenture’s “edit” plan isn’t heresy is because there are different types of blockchain out there. Some, like the one that runs bitcoin, are “permission-less” and allow anyone to be part of the ledger that records and verifies the transactions. But others are more like a private club where trusted members agree to the rules on how transactions are recorded and verified.  .... " 
Banks will like it. Purists not so much.    .... "

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