As banks spend millions of dollars a year on their cybersecurity to fight against cyber attacks, blockchain technology holds the solution for this problem but as firms such as JPMorgan Chase and Citi Bank start developing their own blockchains, development tends to be costly.
For two years, the ThoughtMachine’s team of 50 worked on the “100% future-proof” Vault OS in stealth which resulted in an operating system that has its own private blockchain with cryptographic ledgers to provide high-level security which will allow banks to run their own blockchains for the signature ledger system and lower cost compared to the massive data centers that banks operate.
A member of the ThoughtMachine team states:
“The private blockchain provides a guarantee against malicious tampering by someone who has hacked in. All employee actions are tracked and reproducible on another action ledger.”
OS runs on Linux
Vault OS has the ability to handle standard banking functions and business models as well as smart contracts which will allow banks to use Vault OS to create new financial products. The OS itself runs on Linux and is deployed on AWS which allows it to be ran on cloud infrastructures as a Software-as-a-Service or Blockchain-as-a-Service.
According to a press release by ThoughtMachine, this OS will be providing banks with the functions needed for accurate and real-time reporting. Banks can also determine their financial position at any given time and with reform measures such as Basel III, can optimise both time and resources for bank officials.
Being a blockchain-based banking operating system means that it will have Bitcoin’s transaction verifications which will prevent double spending, fraud and overall, speedy transactions. As well as the support for bank services such as credit cards, loans and mortgages, not just standard banking.
With benefits such as allowing real-time transaction information to be displayed for bank users rather than overnight batch-processing methods, smart contracts and banking services that can group spending and income into 60 categories. ThoughtMachine has not only developed Vault OS to improve banking experience for banks but for consumers as well.