Emma, ​​my block chain graffiti can finally disappear – Accenture programmable block chain new solution


Reporter: pencil leadn

nnLin Ruijian
nAccenture Financial Services Division Global Presidentn
nDavid Puten
nAccenture Capital Markets Services Managing Director, Block Chain Business Directorn
nOwen Garfieldn
nAccenture Capital Markets Services Global Managing Director, Business Directorn

Recently, the “black technology” block chain has become unusually hot.n
nAs the core technology of Bitcoin, the block chain is being pursued by various industries as the next subversive technology of the digital age. In addition to data and information requirements are “extremely harsh” financial industry, it is in the energy trading, asset management, user experience, corporate governance and other fields have been very high attention.n
nHowever, with the expansion of the application of the block chain, which is now the most popular technology, the challenges are increasing.n
nPerfect technology is not perfect challengen
nThe block chain maintains a complete, distributed, non-tampering account database with a central consensus mechanism. With the distributed cryptography and the close-up structure of the time series, it has unforgeable, non-tampering and traceable characteristics, which is independent of the bank credit system, accounting billing technology.n
nHowever, any technology applications are double-edged sword, called the perfect block-chain technology in the practical application is not without “loopholes.”n
nSince the launch of Bitco in 2009, 160 million transactions have occurred on the chain. Because of their “irrevocable” nature, the negligence of these transactions (including misinterpretation, misplaced, procedural loops, etc.) and some deliberate mischief are permanently and completely retained in the books in.n

n(Former chairman of the Federal Reserve Bernanke’s dotted graffiti)n
nThose lovers that are irreparable are likely to pose a threat to the security of both parties. Previously, as a block-chain smart contract application model of the currency, due to the contract code on the small loopholes, suffered hacking, resulting in the limelight of the start-up fund “distributed autonomous organization” (DAO) loss worth more than 6000 million Of the coin.n
nAt the same time, a series of information regulations have been introduced, but also to the application of the block chain encountered some trouble.n
nIn 2014 the EU Supreme Court passed the “forgotten right”, single Google to approve more than 300,000 content modification application; 2016 the EU introduced the “Data Protection General Regulations”, clearly the consumer has the right to trade with the company Record to erase all personal data traces … … these “forgotten” requirements so that “will not forget” the block chain pressure.n
nIn the face of the “no change” features brought about by the severe challenges, Accenture’s solution is – the development of “editable block chain” technology.n
nThe upgraded block chain is coming soonn
nWhat is an “editable block chain”? Whether it is and the block chain was “not tamper with” the characteristics of contradiction, thus affecting the credibility of the technology and authenticity?n
nEmmanuel Viale, Managing Director of the Ecuadorian European Technology Laboratory and Dean of the Sofia Institute of Technology, explains: “Editable block chains can be viewed as two-dimensional block chains, while the main chain is running and growing. At the same time, Some of the wrong blocks are marked and modified, but they do not break the integrity of the entire block chain, and the marked blocks carry additional information, and the information for the modification is still traceable.n
nIf the original block chain is only a distributed linear chain that is run in chronological order, then this “editable” approach is equivalent to adding a second dimension to the block chain.n

n”Editable block chain” flexibility to solve many of the practical problems of the enterprise. At present, Accenture has signed an editorial block-chain technology patent with Dr. Giuseppe Ateniese, a computer scientist. The Accenture French Technical Laboratory has also developed a smart plug based on block-chain technology to help users reduce electricity bills.n
nNew Chain Opportunities in Chinan
nEditable Block Chain Technology As a unique innovation in Accenture, there has been a lot of attention in the world and in China.n
nNasdaq has launched a chain-oriented trading platform for private equity transactions Linq. Based on the block chain technology, American venture company Circle and B-side bank customers to provide financial transfer services Ripple, respectively, received 60 million US dollars and 55 million US dollars of investment. R3 CEV has joined more than 50 top multinational banks and financial institutions to set up the world’s largest financial chain chain alliance. The world’s largest open source alliance Linux Foundation brings together 81 members to start the Hyperledger project, working together to develop commercial block chains.n
nnIn the vast chain of chain business in the ocean, the Chinese enterprises figure is rare. However, the senior manager of financial services in Accenture Greater China, the head of the capital market, said that the editable block chain is widely used in China, with unlimited potential. “Editable block chain to complete the correct transaction and the cancellation of illegal transactions, while ensuring the reliability of the overall account, to meet this point will meet the regulatory requirements of China’s financial markets.” At the same time, with the improvement of China’s legal system, Similar to the “forgotten” law appears to be almost inevitable.n
nnBased on the above factors, the mature block chain technology in the domestic outlook is quite bright.n
nTo cross-border electricity business, for example, in recent years, domestic consumption upgrades, middle-class consumer demand increased, is expected to 2018 domestic sea Amoy market size will reach one trillion level. In contrast, cross-border payment and settlement procedures are cumbersome – through the current traditional banking SWIFT system, a cross-border transfer involves two to three banks or their overseas branches, the national clearing system, the final clearing institution, the foreign exchange administration , Consumes 3 to 7 business days, and 7% transfer fee.n
nThe block chain cross-border exchange to digital currency as an intermediary, only need up to 1 hour (bit currency to 6 blocks of the average confirmation time). Obviously, cross-border payment of block chains can help practitioners reduce the cost of foreign exchange and improve the efficiency of capital return.n
nNot only that, customs, quarantine and other departments can be used as a regulatory node to join the chain chain technology network, write customs clearance information and quarantine reports; consumers can also through the block chain, after obtaining unforgeable authoritative information, the real To make a judgment.n
nnChina’s chain chain business should neither blindly copy its overseas results, nor should the blind pursuit of technical purity. Just as the Internet protocol has undergone numerous improvements before turning to civilian use, the chain chain needs to be changed in practice with the different needs of people in various environments and stages. In the future, the block chain will not only have editable features, but also likely to have Chinese characteristics, as China’s productivity to enhance the “artifact.”n

nOriginal Address: https: //www.accenture.com/cn-zhcareee/work-we-do-technology? src = TECHOTHRSOC

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