Thought Machine, a company located in London and run by former Google engineer, Paul Taylor, has announced the creation of a new blockchain system aimed at replace softwares that banks have grappled for years.
The system created to revolutionize the banking system was named Vault OS. This system aims to promote technological innovation in the banking industry and take it out of the service model in which are entrenched almost since its inception. In a report published by Thought Machine it's how this new core banking software designed to run on a cloud, can improve the only area that the financial industry has failed to improve: the everyday experience of customers with retail banking. During an interview, former Google engineer said:
"Most banks are using systems that were written in the 80s and 90s, and are simply not prepared at all for the age of consent to safety through Internet applications. What Blockchain does is provide a very safe way to store transactions."
After two years of totally discreet work, Thought Machine has created a platform that could encourage banks to escalating numbers of customers without having to deal with the costs of internal data centers. This is possible because the technology Thought Machine operates in the form of Software as cloud based service. The elimination of internal data centers mean a considerable reduction in costs for banks of all sizes worldwide. Vault OS was designed and developed through blockchain technology, but it is noteworthy that the system works as a private blockchain.
The system provides great flexibility while dealing with various banking functions. And thanks to the blockchain technology, speed, security and transparency aimed at banking area creates enormous potential for banks to offer a new branch of financial services. Another important feature of Vault OS is running intelligent and machine learning contracts to help banks in the development of new financial products.
Thought Machine points out that there several benefits for both banks and customers primarily by the precise handling of information and the speed with which financial market participants could perform transactions and operations currently usually take days to occur. The possibilities are many, and to an environment where you blockchain technology revolution has drawn attention to the financial sector, the adoption of this system does not seem unreasonable.
