Recently, the expertise Software Engineer Paul Taylor has launched a start up company. The start up company uses blockchain technology to build new OS for the sake of financial Institutes – Banks. The Speech recognition technology software which was made by Paul Taylor are using in a billion plus Android OS smartphones.
Paul Taylor is an academic from Cambridge University. Paul Taylor is very much expertise in Artificial Intelligence, Machine learning, speech synthesis. Two years ago, he started working on the system called Vault OS in London’s district which is known as tech start-up hub.
Software techie Paul Taylor told that almost all the banks are using software or OS that were written in the 1980s and 1990s. Now they are not ready for the security-conscious internet app age at all. The Blockchain-based system provide a very secure way of storing transactions. The Blockchain technology has captured the imagination of financial industry which has a potential to shake up how the market operates.
Software techie Taylor said that major big banks is spending around a billion pounds ($1.3 billion) a year on computer technology. Taylor said that our new startup has been working with about ten banks. at least one bank would be starting to use the new system in August for trial purpose.
Blockchain-based system underpins the digital currency Bitcoin. It creates a shared database where a customer can trace every transaction made by him. The ledger is tamper-proof and transparent. It means that transactions can be processed without the third-party verification. This Blockchain based technology is completely a cloud based system which banks can use on a ‘Pay as you go’ basis which defines that not a single point of failure of this technology.
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