David Treat, managing director and head of Accenture’s capital markets blockchain practice, opines on the difficulties of immutability. For decentralized cryptocurrency systems, immutability has been crucial in building trust between parties and faith in the system, and that has resulted in the rapid interest and growth in this area. Blockchain’s audit and data-tracking capabilities are beginning to be deployed in new settings such as payments, reference data, know-your-client and trade finance, for example.
In the imperfect world where mistakes will be made, data will need to be updated after an event and records like personal information will need to be deleted to meet regulatory requirements, hence the need for permissioned systems.
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