(Bloomberg View) -- The consulting company Accenture has come up with a way to render the blockchain -- the technology behind Bitcoin -- more palatable to the world of high finance. The innovation: Make it not a blockchain.

One of the defining features of the blockchain is its immutability. Numerous computers retain identical copies of a permanent, encrypted record of each transaction. Nobody can go back and make changes, so no central authority -- neither a government nor a bank -- is needed to guarantee the transactions' legitimacy.

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