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From the creator of Google's speech recognition software, comes a new fully-integrated, blockchain-based banking operating system called Vault OS. After looking at the company's website and press release, it's clear that the vision is BIG. The company has built a system that plans to handle all the core functions of the banking infrastructure - from managing users, accounts, savings, loans, mortgages to more sophisticated financial products - all on the secure backend of the blockchain. This is truly ambitious and very unclear how the company will rollout. Who will be the right customer to integrate and use the system's API?
Naturally there are a ton of questions that must be answered, and assurances made, and regulations complied with, before any bank will touch this with a ten-foot pole. I’ve contacted ThoughtMachine with several — will they release code or a whitepaper for inspection? How is data migration handled? What’s the timescale for rollout? — and will update this post if they get back to me.
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