Ex-Google Engineer Launches Blockchain-based System for Banks - Artificial Intelligence Online

Paul Taylor, former head of the text-to-speech group at Google and a serial entrepreneur specialising in speech, language and artificial intelligence has announced the launch of a startup which builds blockchain-based operating systems for banks and financial institutions. The startup, called ThooughtMachine led by CEO Paul Taylor, is launching its first blockchain-based operating system called Vault OS, which allows banks to run their core functions in the cloud. 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. By relying on a scalable cloud platform, financial institutions will be able to rely on faster and more secure end to end banking systems to manage most of their operations online. Taylor believes that the Vault OS will replace outdated financial and banking systems that are still in use by the world's major banking groups.