Ex-Google Engineer Launches Blockchain-based System for Banks
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…
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