Former Google engineer Paul Taylor has developed a new operating system for banks that functions using blockchain-based technology. Taylor is a member of Thought Machine, a London-based fintech startup aiming to provide a “core-banking toolkit” that uses permissioned distributed ledger technology.
The purpose of the operating system – Vault OS – is to keep a bank’s principal funds on a centralized, permissioned cryptographic ledger. Through the application of the blockchain, the ledger will also be used to securely store information on traditional banking products and services such as loans, deposits, credit card accounts, and mortgages. Vault OS will run as a Software as a Service (SaaS) and has the potential to save major banks billions of dollars by replacing outdated legacy infrastructure through its use of cloud-based systems.
The operating system is based on artificial intelligence technology and machine learning algorithms and is already being used by banks and financial institutions, with 17,000 Vault OS builds and 120 code commits. The platform is also capable of categorizing different banking transactions into 60 different types of products and services. Thought Machine is reportedly in talks with 10 banks, with at least one of those banks set to run a trial of the software in August.
When discussing the need to replace the technology underlying banking systems around the world, Taylor stated:
People have suffered for too long from the archaic software banks are built on and their CIOs stay awake at night worrying if these systems will cope with one more day. It’s time for new ideas, built with today’s technology. Vault OS fixes broken banking and will be the engine for the banks of tomorrow.”
Taylor is also an academic at Cambridge University with a specialty in artificial intelligence, and while at Google, helped create the speech recognition software currently used in more than one billion Android smartphones.
Read more here- “Former Google Engineer Develops Blockchain Core OS for Banks,” (Samburaj Das, CCN.LA)