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|15th July 2016, 07:44||#1|
Join Date: May 2010
Android man could save the banks with his blockchain
A British 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 better operating system for banks.
Paul Taylor from Cambridge University started working on the system, called Vault OS, two years ago. His blockchain technology has already won the hearts of bankers, which is odd because few people thought they had any. The reason it is so good is that it has the potential to shake up how markets operate. The technology, which shares ideas with 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.
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