A Refresher on Immutability in the Blockchain Sphere
The blockchain sphere has some concepts that need introduction or refreshing. So, let’s look at this concept of “immutability.” From reports: “When thought of in the context of blockchain technology, immutability is simply the notion anything that has already found itself in the blockchain won’t ever be tampered with. Now, it doesn’t exactly take a rocket scientist to understand that this could be immensely valuable for any financial institution. Goes without saying, there are embezzlement cases which wouldn’t have taken place if people realized they wouldn’t be able to snip around the books & corrupt company accounts.”
If you have been in the markets for more than 10 minutes you see this value ie – Wirecard, Enron, & Madoff. Our fallen nature means fraud will exist. In a decentralized world, this doesn’t change – safeguards do. Writes Christina Comben: “We’ve long been living in a world in which history is documented & human brains are wired to have selective memory. However, with the advent of blockchain technology, we now have a tool to record data that (ideally) cannot be edited, tampered with, or removed. Unlike the pages of a book or an entry in a database, data in the blockchain cannot be altered. In effect, records stored on a blockchain are immutable & live forever.”
