Baidu to Unveil Blockchain Stock Photo Platform

Distributed ledger technology is used by search giant to assign a timestamp to each original photo and store related data in a distributed network
12 April 2018   706

The search engine developer Baidu launched a stock photo bank on the blockcahin, which is designed to protect the rights to intellectual property in China. This is reported by CoinDesk.

A service called Totem was launched this Wednesday. It uses a blockchain to assign a timestamp to each original photo and store related data in a distributed network.

Baidu has significant achievements in the field of data analysis and artificial intelligence, which it intends to use when comparing images from the Internet with data stored in its blockchain.

To date, several photo banks have started using a new service, including Visual China Group - local partner of Getty Images.

Whether Baidu uses a public or private blockchain is unknown.

New project was launched few months after Baidu released CryptoKitties knock-off dubbed Laici Go and own blockchain-as-a-service platform in January.

This isn't the first time when blockchain technology is used to protect intellectual property of digital media assets.

SEC to Accuse Veritaseum ICO of Fraud

SEC believes that project's tokensale, thru which it raised $14.8M back in 2017-2018 had a signs of scam and company misled the investors
14 August 2019   410

The U.S. Securities and Exchange Commission (SEC) has sued New Yorker  and Veritaseum-related companies that have been caught by the agency in conducting an unregistered ICO with signs of fraud. It is reported by Cointelegraph.

According to documents published on the network, the SEC intends to hold Reggie Middleton accountable and immediately freeze the assets of Veritaseum Inc. and Veritaseum LLC.

The Commission claims that the defendants raised about $ 14.8 million through an initial coin offering (ICO) in 2017 - early 2018. At the same time, many investors were misled, as the company distorted information about the conditions of the token sale and deliberately hid some significant details.

The American regulator claims that the project still has about $ 8 million of illegally raised funds. According to the SEC, these assets must be frozen immediately.

Amid this news, the Veritaseum (VERI) rate has fallen by 70%. Now the coin is trading near the $ 5 mark, although at the beginning of 2018 its rate was approaching $ 500.

Veritaseum was created as a financial p2p platform, involving the movement of capital without traditional intermediaries. Also, VERI was positioned as a utility token for use in consulting services and access to various research works.

In 2017, Veritaseum blockchain startup fell victim to hackers, having lost $ 8.4 million from ICO investors.