An Ex-Googler has created a new operating system for the banking industry by making use of bitcoin’s underlying blockchain technology. The Vault OS, as its name suggests offers a secure, cloud-based end to end banking system to the financial institutions.
Created by Paul Taylor, the CEO of ThoughtMachine and the person behind Google’s (NASDAQ : GOOG) Android speech recognition system, Vault OS is a Software as a Service package currently being considered by ten banking institutions the company is working with. One of these ten banks is willing to start the trial phase next month.
According to Paul, the Vault OS project was started in a basement of London’s startup hub, Shoreditch district two years ago. The financial industry is expected to embrace Vault OS as they continue to look towards the blockchain technology for its secure and disruptive nature. Paul was quoted in a ThoughtMachine’s press statement saying,
“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.”
Vault OS, in Paul’s words is 100 percent future proof with high levels of flexibility, making it ideal to fix the issues posed by present-day banking systems. Even though it offers new age solutions to the banking industry, it is still an uphill task for ThoughtMachine to promote its implementation by the banks which have grown complacent with the existing legacy systems.
The blockchain based Vault OS is capable of performing all the core banking functions involving maintenance of a huge ledger managing users, accounts, savings, loans, mortgages and other sophisticated financial products. The use of a centralized permissioned cryptographic ledger as a single source of truth by Vault OS makes it highly secure and reliable.
The use of cloud-based Vault OS solution on a pay-as-you-go model will allow banks to do away with their huge data centers, saving them billions of dollars in infrastructure and maintenance costs. Vault OS has got all the systems in place and it is just waiting for the banks to accept the new solution to upgrade their systems.
Ref: Reuters |ThoughtMachine | Image: The Register