A blockchain is redactable if a private key holder (e.g. a central authority) can change any single block without violating integrity of the whole blockchain, but no other party can do that. In this invention, we developed a new, the first truly practical, method of constructing redactable blockchains.
The need for a blockchain (even a public one!) to be redactable (as opposed to be immutable) is well explained by the following quote from New York Times (2016/09/10): ``That permanence has been vital in building trust in the decentralized currencies, which are used by millions of people. But it could severely limit blockchain’s usefulness in other areas of financial services relied on by billions of people. By clashing with new privacy laws like the ``right to be forgotten" and by making it nearly impossible to resolve human error and mischief efficiently, the blockchain’s immutability could end up being its own worst enemy."
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