Thought Machine develops blockchain-based system for banks

FinTech | July 15, 2016 By:

Former Google expert Paul Taylor, founder of Thought Machine is developing a blockchain-based operating system called Vault OS, a modern banking engine and core software that runs on the cloud.

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 core concept of Vault OS is to utilize smart contracts on a centralized and permissioned cryptographic ledger to settle all bank transactions, products, and settlements including payments, deposit accounts, savings, mortgages, loans, and credit card accounts.

“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,” said Taylor.

The Vault OS platform is already being used by banks and financial institutions, with over 17,000 Vault OS builds and nearly 120 Vault OS code commits.