Blockchain Weekly Recap 7-16-2016

Blockchain Weekly Recap 7-16-2016


Vault OS to Roll Out, Providing Blockchain for Banks

Former Google engineer Paul Taylor is reportedly preparing to launch Vault OS – a new blockchain-focused system that purports to be an evolutionary operating system for the banking industry. Taylor’s company, Thought Machine, has apparently working to create this operating system for much of the last two years, designed to provide banks with a next-generation solution that will enable them to reap blockchain benefits and move beyond the limitations of their antiquated legacy systems. Vault OS was designed with an emphasis on security, and will be a cloud-based software-as-a-service (SaaS) that provides scalability without the need for banks to maintain costly data centers.

If it operates as efficiently as the company claims, Vault would provide banks with the power to manage millions of deposits, withdrawals, and transfers per second, with every transaction secured on a unified ledger in real-time. To make the system even more attractive to banks, it is also designed with a full range of features that can provide traditional banking services such as loans, mortgages, and multiple accounts. The operating system utilizes machine learning and smart contracts in a flexible way that empowers banks to use it in ways unique to their corporate culture. Perhaps even more important, the system was created with regulatory compliance in mind, and provides full reporting features that are always current and accurate.

Homeland Security Blockchain Interest Increases

Recent reports indicate that the Department of Homeland Security is increasing its efforts to integrate blockchain technology in ways that would enhance government security and accountability. DHS had previously called upon businesses in the United States to submit research proposals based on the technology, and ultimately selected Factom’s proposal. That award netted the company a $200,000 government grant to help fund research. Since then, other companies have also received DHS funding, including Digital Bazaar, Solidarity Solutions, and Respect Network – as well as efforts from a Silicon Valley office focused on potential advantages to using the technology for authentication needs.

IBM Cloud-Based Blockchain Security Platform Revealed

Technology giant IBM has been steadily increasing its involvement with blockchain research in recent months, and this week revealed a new cloud-based secure blockchain environment. The new service integrates the IBM LinuxOne server with the company’s current blockchain cloud service to enhance security and eliminate potential points of vulnerability.

The new service should provide a more secure environment for companies that want to utilize it for blockchain tests and projects involving data that needs to be protected from outside and inside threats. Software apps designed and constructed on this new and secure IBM blockchain will be verified and encrypted, with protections in place to guard against malware and other threats.

Stratus Crowdfunding Tops $100,000

UK-based Stratus’ efforts to create its platform for blockchain development received a boost recently, as the blockchain company received $100,000 in crowdfunding. Unlike most blockchains, this new platform would enable users to use private blockchains secured by the company’s own chain. In so doing, the company hopes to encourage commercial enterprises and others to begin development of their own blockchain apps. The company’s crowdfunding strategy involved the issuance of tokens to every investor, which can then be utilized to pay for the BaaS service, or to purchase dapp hosting.

Author: Ken Chase

Freelance writer whose interests include topics ranging from technology and finance to politics, fitness, and all things canine. Aspiring polymath, semi-professional skeptic, and passionate advocate for the judicious use of the Oxford comma.

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