Blockchain OS for Banks

Yesterdays press release from ThoughtMachine offers a hint of things to come in many ways.

it employs smart contracts and machine learning to enable banks to offer a vast array of financial products – or roll out new ones in days. It is 100% future-proof.

Further, and equally of interest is the compliance angle that should facilitate uptake due to the MiFid and Basel regulations:

When it comes to compliance, every transaction is reported in real time so banks can determine their exact financial position at any moment. These tools are in the core of Vault OS, making implementation of capital-adequacy standards such as Basel III automatic.

Its also interesting to see the Machine Learning angle, not surprising given the Google staffers influence on the solution:

Our machine learning team builds systems that analyse banking behaviour to better guide people with their financial lives.

Of no surprise, VaultOS sounds like its already being tested by banks:

The start-up has been working with about ten banks, Taylor said, at least one of which would be starting a trial using the new system in August. He expects the system to be up-and-running within about a year.


~ by mdavey on July 14, 2016.

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