As major institutions have sought software concepts that rethink or remove bitcoin'sproof-of-work miningmechanism, so too have the firms involved with those products needed to seek hardware solutions that provide a similar level of security to their desired distributed ledgers.
Real-life is not about black & white completion or non-completion of smart contracts. Business and commerce is built around negotiation and legal interpretation of "what is reasonable".
Accenture's initiative aims to address these issues and will provoke controversy.
In December, Accenture published an article in the New York Times relaying its vision for 'redactable blockchains' that, instead of relying on a consensus-driven hard fork like the one experienced by ethereum to undo transactions, rely on the ability to edit their history using highly protected private keys. While critics have jumped on the idea as contrary to the underlying benefits of a distributed network, Geater argued that blockchain redaction accompanied by certified, secure hardware is the only way to get the current financial leaders to truly buy into the technology. "In the real world, you have overrides and you have lawyers. You have disputes, and you need to code all of that kind of process and authority into the system," he said.