Published on September 25th, 2016 | by bitcoin0
Editable Blockchain by Accenture is Heavily Criticised The CEO of Coinkite
Coinkite co-founder and CEO Rodolfo Novak heavily criticized the multi-billion dollar research firm Accenture’s newly designed Blockchain concept “Editable Blockchain,” by questioning the cryptographic basis and mathematical fundamentals of the invention.
Earlier this week Accenture patented a technology the company calls an “editable Blockchain,” which enables enterprise-grade platforms and banks to create private Blockchains which grant access to central administrators for regulation purposes.
An administrator of the Accenture editable Blockchain network would essentially have the authority to edit or delete transactions or the settlement of assets in the Blockchain network, establishing a central authority in the supposed decentralized network.
If data sets are stored in a centralized Blockchain in a centralized server, it poses no difference than traditional databases which are maintained by a central authority.
Rodolfo Novak, CEO of Coinkite, criticized the stupidity behind this project, which goes against the fundamentals of any cryptographic networks and projects, including Bitcoin.