ThoughtMachine releases Vault OS, a blockchain banking operating system

Rage Review : British fintech company ThoughtMachine has released Vault OS, an operating system for blockchain used in banks, which can prevent duplicate payments and fraud, while providing a higher level of security protection, allowing banks to run their own signature ledger blockchain system, which is cheaper than the large-scale data centers run by banks. ThoughtMachine developed Vault OS not only to improve the banking experience for banks, but also to improve the user experience.

Translation: Nicole

British fintech company ThoughtMachine recently released a blockchain-based operating system for banks: Vault OS.

Banks spend millions of dollars each year on cybersecurity to combat cyberattacks. Blockchain technology offers a solution, but as companies like JPMorgan Chase and Citigroup begin to develop their own blockchains, the cost of development has become more expensive.

For two years, ThoughtMachine’s 50-person team has been working on the “100% future-proof” secret Vault OS, creating a private blockchain operating system with its own encrypted ledger that can provide a higher level of security and allow banks to run their own signed ledger blockchain system at a lower cost than banks operating large-scale data centers.

One of the ThoughtMachine team members said: “Private blockchain provides a guarantee against hacker intrusion. All employee behavior information will be tracked and copied to another behavior ledger.”

OS runs on Linux

Vault OS can handle standard banking functions, business models and smart contracts, which allows banks to create a new financial product using Vault OS. The OS itself runs on Linux and is configured on AWS so that it can run on cloud infrastructure as a Software-as-a-Service or Blockchain-as-a-Service.

According to a press release from ThoughtMachine, the OS will provide banks with the functionality they need to accurately report in real time. Banks will also be able to determine their financial position at any point in time, saving time and resources for bank officials through reforms such as Basel III.

Being a blockchain-based operating system means that transactions will be verified with Bitcoin, which prevents duplicate payments, fraud, and support for banking services such as credit cards, loans and mortgages, rather than just standard banking practices.

The benefits of the blockchain banking operating system include real-time transaction information processing for bank customers instead of batch processing methods that take overnight, smart contracts and banking services to classify income and expenditure into 60 categories. ThoughtMachine developed Vault OS not only to improve the banking experience for banks, but also to improve the user experience.