Paul Taylor (Paul Taylor), a former Google engineer, founder and CEO of British FINTECH startup Thought Machine, is developing a blockchain-centric operating system, OS Vault is a modern banking system and the software that runs on the cloud.
Before delving into the blockchain space, Paul Taylor held a prominent position in Google as Lida groups working in speech synthesis the search giant responsible for the speech recognition software, used by more than a billion Android phones and devices used around the world. The inventor and performer has considerable experience in the field of speech synthesis, machine learning and artificial intelligence as seen from his stay in Google.
Vault OS
There is a need to eliminate and change an outdated system, used by banks in an era when safety and efficacy are fundamental to the Bank's basic principles and that's where Vault OS can help with the upgrade of the system, according to Taylor.
He said:
"The people have suffered too long from outdated software banks, worrying, whether these systems have to work another day. It's time for new ideas, built with the help of modern technology. Vault OS will correct violations of the banking system and will be the engine for the banks tomorrow
In fact, Vault - OS will help run the main Bank's funds on a centralized platform with cryptographic registry. Banking products and services such as savings and Deposit accounts, loans, credit cards, mortgages and many others will use smart contracts. The blockchain is a necessary upgrade.
"The technology underpinning our banking systems are so expensive, unreliable, insecure and obsolete that Bank customers will not be able to get anything like the quality and value of service that they deserve," said Taylor, before he added:
Thought Machine will change that. With a team of world class experts in cloud computing, machine learning, financing, design and building applications, we will create banks of the future"
In addition, the proposed Vault OS works as a software and as a service that can potentially save the banks billions, while it can be scaled to provide services to between one client or millions at a time. At present, the major banks spend over a billion dollars annually on computer technology that are used only for configuring and maintaining the existing infrastructure and system use.
It should be noted that the platform is Vault OS is already being used by banks and financial institutions. Based on artificial intelligence and machine learning algorithms, Vault OS can also classify the different operations in 60 different types of banking products and services.
Founded in East London Thought Machine, has a team of 50 employees and strives to provide fully automated Bank Toolkit, which relies heavily on private distributed registries
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