Menu

Search

  |   Digital Currency

Menu

  |   Digital Currency

Search

Fintech firm launches Vault OS, a blockchain-based banking operating system

Former Google expert Paul Taylor, founder of Thought Machine has started working on the blockchain-based system named Vault OS which is the first ‘next generation’ operating system for banks.

According to the official release, Vault OS was built from the ground up by Thought Machine, a Fintech firm that has worked on this project in stealth for two years. Based in London, it was established by Paul Taylor and a core of ex-Google engineers and has a team of 50.

The system, created with private blockchain-style technology has cryptographic ledgers for watertight security. This runs in the cloud as a software-as-a-service that helps banks to scale from one customer to millions without expensive in-house data-centers. Apart from this, it handles millions of transactions per second, captured in real-time on a single unified ledger. The system also supports a complete array of bank services like current accounts, mortgages, loans among others.

“Most of the banks are using systems that were written in the 80s and 90s, and they just are not ready for the security-conscious internet app age at all. What the blockchain does is provide a very secure way of storing transactions," Taylor to Reuters.

Vault OS employs smart contracts and machine learning for banks. Features of Vault include huge flexibility and handling any standard banking functions or business models.

Vault OS benefits customers through its reliable banking services that accurately group all spending or income into 60 categories. The smart contracts enable genuinely bespoke financial services such as ‘payment holidays’ and the system provides customers with a comprehensive overview of all personal finances with insights including ‘safe-to-spend’.

Vault OS is a core-banking toolkit that enables a bank of any age or size to deliver end-to-end financial systems that run smoothly in real-time. Its risk-reporting features automatically implement new compliance standards.

Paul Taylor is a Cambridge University academic with an expertise in artificial intelligence, speech synthesis, and machine learning. His speech recognition software is used in more than a billion Android smartphones.

  • ET PRO
  • Market Data

Market-moving news and views, 24 hours a day >

July 2 15:00 UTC Released

DKCurrency Reserves

Actual

449.6 Stale

Forecast

Previous

451.7 Stale

July 2 13:45 UTC Released

USISM NY Biz Conditions

Actual

50 %

Forecast

Previous

48.6 %

January 31 00:00 UTC 815115815115m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 815115815115m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 826935826935m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 815115815115m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 22 19:00 UTC 826935826935m

ARTrade Balance

Actual

Forecast

Previous

-1541 %

January 31 00:00 UTC 815115815115m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 815115815115m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

January 31 00:00 UTC 815115815115m

ARAnnual Primary Balance*

Actual

Forecast

2016 bln ARS

Previous

Bln AR bln ARS

Close

Welcome to EconoTimes

Sign up for daily updates for the most important
stories unfolding in the global economy.