• Home
  • News
  • Fortune 500
  • Tech
  • Finance
  • Leadership
  • Lifestyle
  • Rankings
  • Multimedia
Tech

Accenture Just Made It Far Easier For Businesses to Say ‘Yes’ to Blockchain

Robert Hackett
By
Robert Hackett
Robert Hackett
Down Arrow Button Icon
Robert Hackett
By
Robert Hackett
Robert Hackett
Down Arrow Button Icon
February 9, 2017, 3:05 PM ET
Key Speakers At The World Economic Forum (WEF) 2016
Pierre Nanterme, chief executive officer of Accenture Plc, looks on during a panel session at the World Economic Forum (WEF) in Davos, Switzerland, on Thursday, Jan. 21, 2016. World leaders, influential executives, bankers and policy makers attend the 46th annual meeting of the World Economic Forum in Davos from Jan. 20 - 23. Photographer: Jason Alden/Bloomberg via Getty ImagesJason Alden—Bloomberg via Getty Images

Accenture has developed software to help secure blockchains for businesses.

The consulting firm on Wednesday debuted a system that integrates the technology, also called distributed ledger tech, with hardware security modules (HSMs), or processors that corporate IT teams use to keep data safe. The appliances handle digital key management, a fundamental aspect of cybersecurity that controls who has access to what information on a network.

Without such security boxes, blockchains might never get off the ground in the business world, where compliance requirements and integrity assurances are critical.

Originally invented to power the cryptocurrency Bitcoin, blockchain tech has gained a following in recent months by people who believe the “shared databases” have the potential to transform back office systems in industries ranging from financial services to health care to supply chain logistics. Companies such as J.P. Morgan Chase (JPM), Goldman Sachs (GS), Microsoft (MSFT), and IBM (IBM) have all been exploring the technology’s possibilities.

Get Data Sheet, Fortune’s technology newsletter.

Accenture’s development “is an absolutely fundamental building block,” said Martha Bennett, a principal analyst at market research firm Forrester. “For anyone dealing with highly sensitive or valuable information, this provides assurance that there is an enterprise-grade key management system available.”

Banks and other organizations interested in blockchain tech have thrown their weight behind the idea of maintaining a closed, contained network—a stance that jars against the initial free-for-all vision of its progenitor Bitcoin. This poses a challenge for companies: who gets to control the network—or in other words, who gets to hold the cryptographic keys?

HSMs offer a way to store credentials in a tamper-resistant device that is generally isolated from the rest of a network. They allow companies to maintain control over their systems.

For more on blockchain tech, watch:

Accenture has designed a library of code, currently patent-pending, to connect implementations of the “Fabric” blockchain maintained by the Hyperledger project, a unit within the Linux Foundation, with HSMs from security company Thales e-Security. The company has plans to extend the compatibility to other blockchains and HSM types in time to come.

David Treat, Accenture’s financial services blockchain lead, said that the company built the technology for its clients and partners as well as “to serve the wider community.” He said the firm did not yet have a commercial strategy in place.

Last year Accenture introduced a system that allows companies to “edit” or redact blockchain ledgers, an invention that proved controversial. Critics said the feature contravened the sacrosanct immutability of blockchains, while boosters contended that the firm solved a problem holding blockchain tech back from going into production in the business world.

Brian Behlendorf, Hyperledger’s executive director, called the development “another step in the maturation of the blockchain technology landscape.” It remains to be seen whether blockchain tech will truly overhaul corporate IT infrastructure.

About the Author
Robert Hackett
By Robert Hackett
Instagram iconLinkedIn iconTwitter icon
See full bioRight Arrow Button Icon
Rankings
  • 100 Best Companies
  • Fortune 500
  • Global 500
  • Fortune 500 Europe
  • Most Powerful Women
  • Future 50
  • World’s Most Admired Companies
  • See All Rankings
Sections
  • Finance
  • Leadership
  • Success
  • Tech
  • Asia
  • Europe
  • Environment
  • Fortune Crypto
  • Health
  • Retail
  • Lifestyle
  • Politics
  • Newsletters
  • Magazine
  • Features
  • Commentary
  • Mpw
  • CEO Initiative
  • Conferences
  • Personal Finance
  • Education
Customer Support
  • Frequently Asked Questions
  • Customer Service Portal
  • Privacy Policy
  • Terms Of Use
  • Single Issues For Purchase
  • International Print
Commercial Services
  • Advertising
  • Fortune Brand Studio
  • Fortune Analytics
  • Fortune Conferences
  • Business Development
About Us
  • About Us
  • Editorial Calendar
  • Press Center
  • Work At Fortune
  • Diversity And Inclusion
  • Terms And Conditions
  • Site Map

© 2025 Fortune Media IP Limited. All Rights Reserved. Use of this site constitutes acceptance of our Terms of Use and Privacy Policy | CA Notice at Collection and Privacy Notice | Do Not Sell/Share My Personal Information
FORTUNE is a trademark of Fortune Media IP Limited, registered in the U.S. and other countries. FORTUNE may receive compensation for some links to products and services on this website. Offers may be subject to change without notice.