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Ex-Google Engineer Launches Blockchain-Based System For Banks (reuters.com)
An anonymous reader quotes a report from Reuters: A former Google engineer, whose speech recognition software is used in more than a billion Android smartphones, has launched a company that uses blockchain technology to build a new operating system for banks. Paul Taylor, a Cambridge University academic with an expertise in artificial intelligence, speech synthesis and machine learning, started working on the system, called Vault OS, two years ago in a basement in London's Shoreditch district, known for being a tech start-up hub. The technology, which underpins the digital currency bitcoin, creates a shared database in which participants can trace every transaction ever made. The ledger is tamper-proof and transparent, meaning that transactions can be processed without the need for third-party verification. The system also negates the need for costly in-house data centers, as it uses cloud-based systems, which banks can use on a "pay-as-you-go" basis, which means that there is no single point of failure. Taylor said major high-street banks were spending around a billion pounds ($1.3 billion) a year on computer technology, much of which he said was being used for propping up the current "legacy" systems rather than on any innovative technology. 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. In banking-related news, a Congressional report shows that China's spies hacked into computers at the Federal Deposit Insurance Corporation (FDIC) from 2010 until 2013 and American government officials tried to cover it up.
I was about to mod him down. Even if he is making a point. How this post is related to the subject? So, it is surely offtopic. Then it will be mod down eventually.
Achille Talon
Hop!
I browse at -1. In my experience, meaningful, well-thought-out comments rarely end up at -1. Even if some disagree, others will agree, and things will balance out.
Posts that start with statements like "Moderators suck", however, usually end up marked as "troll" or "flame bait". Nobody is interesting in counterbalancing those kinds of statements, because they lack meaningful content.
TL;DR: Seems like the system works to me.
People who say "sheeple" have about as much sophistication as an AOL user, and in fact are probably actually AOL users.
It mentions a blockchain AND cloud computing in one go. Who won at buzzword bingo on this one?
A thousand pounds of wood moving at 300 feet per minute. Don't get in the way.