Banks hold the greatest chunk of the globes wealth but contrary to what many would expect, they are dependent on old-fashioned systems for daily opera
Banks hold the greatest chunk of the globes wealth but contrary to what many would expect, they are dependent on old-fashioned systems for daily operations as opposed to newest and modern technological provisions. However, Mr. Paul Taylor, a former Google engineer, is looking to change this bank aspect through ThoughtMachine which is set to introduce Vault OS, a blockchain-based up to date operating system.
A recent press release came as a solace to all banks around the world, confirming the significant developments that have been ongoing behind the scenes for two years. According to the release, with Vault OS, busted banking becomes a story of the past with the incredibly flexible, completely future-proof solution.
It is hard to ignore the fact that the banking challenges that Vault OS so comprehensively promises to eradicate are certain. Replacing traditional banking systems is obviously not an overnight task and as such, even as convincing as it is, the authenticity and efficiency of Vault OS still remains something to be seen.
Taylor who is the leader of ThoughtMachine is no stranger to technological developments and solutions having spear headed establishment of the Google, speech recognition software. With Vault OS however, his idea is for the software to relieve the bank of its core function, maintenance f huge ledgers- a blockchain technology specialty.
Every aspect of the OS will individually run a cryptographic ledger and a subsequent blockchain which the company will host as a service
Nevertheless, it still remains a contentious issue as to whether banks will willingly relinquish their grip of their most vital operations permanently.
Looking at the benefits, it might be worth a shot. Blockchains guarantee versatility, security and flexibility which in all essence would be an apposite replacement to the traditional banking systems that are ineffective, out dated and time consuming. Imagine real time transactions which would be securely and centrally safeguarded allowing clients and bankers’ profound data diving. What’s more, there is the presence of an Application Program Interface (API).
Logically, it will be some time before banks ultimately invest and settle for the Vault OS. ThoughtMachine will have to provide further information, assurance and assertions to compel banks to invest in the idea.
I have posted numerous questions on how the OS will handle data migration and whether they will provide a code among others and will post in response to their reply to the queries.